- US markets – soy lower on talks of rain in Argentina. Corn lower on weaker soy complex and fears of a slow-down in Chinese demand. Wheat lower (another session of contract lows) on slow US demand and rising global availability.
- SAm weather forecast continues with below normal rainfall for Argentina albeit some/S Brazil over next week, above average in N Brazil. Temperatures look to run above average in most areas over next week, but no severe heat looks to occur.
- Argentina’s soybean planting progress is a little delayed due to dry weather conditions for most, however, the dry weather has been beneficial for wheat harvesting and early planted soybeans are emerging in good condition.
- Ukraine has exported 17.5mln t of grain so far this marketing year, down from about 18.8mln t in the same period last year. Exports included 10.1mln t of wheat and around 3.6mln t of maize.
- Russia will spend 2bln rubles ($34mln) in grain transportation subsidies to help speed exports in 2018. Trying to step-up a gear keeping its grain storage, railway transport and export infrastructure, working at maximum capacity following this year’s record harvest.
- Brazil will issue a decree today laying out terms of grains and oilseeds trade with Russia, particularly wheat and soybeans, which could reopen the Russian market for Brazilian meat products.
- UK sterling firms on apparent deal struck on Irish border issue. Breakthrough deal paves way for future Brexit trade talks/relationship.
Last Trade Settlement:
London May ’18 Settle £142.05/t – down £0.55/t from previous close
Paris May ’18 Settle €164.25 – down €0.25/t from previous close
CBOT Dec ’17 Corn Settle $3.3875/bushel – down 0.50 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $3.9425/bushel – down 4.25 cents/bushel from previous close
GBP EUR 1.1480
GBP USD 1.3470
EUR GBP 0.8710
EUR USD 1.1735