- US markets close – soybean lower on ‘flash announcement’ of 894,500t of cancellations. Corn lower, as market put in ‘reversal type’ action following soybeans lower. Wheat lower on ‘reversal type’ action despite continued concerns in Canada, Australia and the Black Sea.
- US Northern plains weather forecast has light hit and miss rains for the rest of the week. Moderate rains are not seen until later next week. Temperatures are seen above average for the near term.
- US Southern plains weather forecast has light to isolated moderate totals to most of KANSAS, Oklahoma and the Texan panhandle over the weekend, with light rains seen later next week favouring the east. Temperatures will be running average to above average.
- US Midwest weather forecast has light/moderate rains for Iowa, Minnesota and W Wisconsin for the weekend, with early next week quiet, before another system comes though later next week. Temperatures will be running average to above average.
- Top officials from the EPA and the Departments of Energy and Agriculture plan to meet this week to hammer out details of President Trump’s planned changes to the nation’s biofuels laws.
- US is seeking better access for imports of GM crops into China as part of a trade deal currently under discussion between the two sides, as the subject is a major irritant in agricultural trade between the countries.
- Drought conditions have surrounded Brazil’s second corn crop over recent weeks, and although many areas recently got some stabilising rainfall, the forecast has turned dry again, with estimates for this year’s harvest sharply down from 2016-17’s record.
- BAGE left their Argentine soybean production forecast unchanged at 36mln t, with harvest progress to 80.3%. Corn production forecast was also left unchanged at 32mln t, with harvest progress seen at 34.9% complete, compared with 34.1% last week.
- Local authorities in China are encouraging their farmers to grow more soybeans, despite the country’s agreement to buy more agricultural products from the US.
- India has raised the import duty from 20% to 30% on wheat with immediate effect, a move to protect domestic growers from sourcing cheaper produce from overseas markets.
- Russia’s SovEcon agriculture consultancy has cut its 2018 Russian wheat harvest forecast to 77mln t, down from 78.2mln t previously, citing the forecasted figure was cut due to weather conditions in Siberia.
- Brussels reported EU-28 2017-18 soft wheat exports a/o May 22nd at 18.02mln t, down 20.0% y/y, with all-wheat exports 19.70mln t, down 20.7% y/y. Soft wheat imports were estimated at 3.62mln t, up 21.1% y/y, with all-wheat imports of 4.93mln t, up 6.6% y/y.
Last Trade Settlement:
London Nov ’18 Settle £156.55/t – up £1.05/tonne from previous close
Paris Dec ’18 Settle €183.75 – up €1.25/tonne from previous close
CBOT July ’18 Corn Settle – $4.0425 – down 4.25 cents/bushel from previous close
CBOT July ’18 Wheat Settle – $5.3025 – down 0.75 cents/bushel from previous close
GBP EUR 1.1400
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EUR GBP 0.8770
EUR USD 1.1720