International Grain, Seed and Fertiliser Merchant

Daily Grain Comments

Friday 26 May 2017

  • US markets – soy lower with July17 making a 13-month low on drier outlook for corn/soy belt.  Corn lower, pulled down by soy and disappointing export sales.  Wheat down on higher Canadian estimate, although Chinese/EU weather issues limits losses.
  • Agri-Food Canada increased their wheat output estimate for 2017-18 to 29.5mln t, up from 28.6mln t previously, but added that the unharvested crop from 2016 is still a concern in both quantity and quality.
  • Dry and moderate weather conditions at the start of the week, with cooler and rainier conditions late in the week – estimated that 85-90% of spring seedings complete in Manitoba (Canada).
  • Argentine Ag Ministry reports farmers are expected to harvest 58mln t of soy and 46.5mln t of corn this season.  These are the government’s first estimates of both crops for 2016-17.  Sees 2017-18 wheat planted area at 6mln ha, up from 5.1mln ha this year.
  • Ukraine’s grain exports total 40.1mln t so far this season, a/o 24th May, exceeding the volume of exports for the whole of last season.
  • IGC estimated 2017-18 corn stocks at 197mln t, down 13% y/y and the first decline in 5 years.  Wheat stocks estimated at 239mln t, down just 1% y/y.

Last Trade Settle:

London Nov ’17 Settle £141.50/t – up £0.50/t from previous close

Paris Dec ’17 Settle €171.25 – unchanged from previous close

CBOT Dec ’17 Corn Settle $3.8750/bushel – down 2.25 cents/bushel from previous close

CBOT Dec ’17 Wheat Settle $4.6650/bushel – down 1.25 cents/bushel from previous close

Currency Today:

GBP EUR    1.1470

GBP USD    1.2865

EUR GBP    0.8715

EUR USD    1.1210

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