International Grain, Seed and Fertiliser Merchant

Monday 19 February 2018


Daily Grain Comments

  • US markets close – soy lower on profit taking, although Argentine weather still supports. Corn marginally lower, although Argentine weather and strong export sales supports. Wheat lower on talk of increased chances of rain in the plains and a slight drop in area affected by drought.
  • CFTC reports showed that a/o 13th February, managed funds cut their Chicago wheat short by 26563 contracts (now seen 56831 contracts short), trimmed long KCBT wheat by 431 contracts and long Minneapolis position by 396 contracts.
  • CFTC reports showed that a/o 13th February, managed funds cut their Chicago corn short by 72310 contracts (now seen 10614 contracts short), and switched their short soybean position (9978 contract) to a long position of 42869 contracts.
  • For the w/e Feb 8th, US all wheat sales are running 12% behind y/y, with shipments 4% behind y/y. Corn sales are 14% behind y/y, with shipments 29% behind y/y. Soybeans sales are 13% behind y/y with shipments 6% ahead y/y.
  • US HRW wheat belt weather shows things to be fairly quiet for much of this week, and the next 10 days.
  • Argentina sees some erratic showers and thunderstorm activity this week, though this will remain localised with many areas missing out. Brazilian conditions will continue to be favourable across the majority of the production region.
  • BAGE reports that more than 3 months of dry weather has left most Argentine soy and corn fields in poor or very poor condition. 58% of the 2017-18 soy crop, and 58% of corn has been damaged by drought. The exchange left its production numbers unchanged.
  • China is targeting grain production of about 600mln t this year to guarantee absolute food security, cited the Ag Ministry. In Dec17, the government’s stats bureau reported that grain output in 2017 had risen 0.3% to 617.9mln t from the previous year.
  • EU 2017-18 soft wheat exports a/o Feb 13th were reported at 12.8mln t, down 19% from last year’s 15.9mln t. Soft wheat imports were reported at 2.5mln t, up 10% from last year’s 2.3mln t, official data showed.

Last Trade Settlement:

London May ’18 Settle £138.65/t – down £1.05/tonne from previous close

Paris May ’18 Settle €161.00 – down €0.50/t from previous close

CBOT Mar ’18 Corn Settle $3.6750/bushel – down 0.25 cents/bushel from previous close

CBOT Mar ’18 Wheat Settle $4.5775/bushel – down 4.00 cents/bushel from previous close

Currency Today:

GBP EUR    1.1290

GBP USD    1.4015

EUR GBP    0.8855

EUR USD    1.2410

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