- US markets – soy lower on weakness in other grains & talk of good SAm weather. Corn lower despite talk of additional Chinese purchases of US supplies. Wheat lower (traded at new contract low) on lower than expected US weekly sales & burdensome global supply.
- Brazil farmers are expected to collect 111mln t of soybean in the 2017-18 season, reported consultancy firm Agroconsult, based on a 3% rise in planted area to a record 35mln ha.
- Argentine farmers are expected to harvest 18mln t of wheat in the 2017-18 crop year, the Ag Ministry said in the government’s first wheat crop estimate of the season.
- China’s corn imports in October were up y/y, but down 72% from the 250,000t imported last month. YTD imports (Jan-Oct) reported at 2.35mln t, down 21.5% from a year earlier, as domestic supplies become much cheaper following a revamp in farm policy.
- Ukraine has exported a total of 15.9mln t of grain so far this season, down from 16.7mln t in the same period last year. Exports include 9.5mln t wheat and around 2.7mln t of maize, with the ministry projecting exports could reach 44-45mln t this season.
- French famers finished harvesting this year’s maize crop a/o Nov 20th. Soft wheat sowings were 98% complete compared with 95% the previous week, with 96% of the emerging crop reported in good/excellent condition.
- IGC raised its global forecast for maize production by 6mln t to 1.04bln tonnes, raising ending stocks by 3mln t to 206mln t. Wheat production seen 1mln t higher at 749mln t, with ending stocks left unchanged at 249mln t.
Last Trade Settlement:
London May ’18 Settle £142.75/t – down £1.25/t from previous close
Paris Dec ’17 Settle €157.75 – down €0.50/t from previous close
CBOT Dec ’17 Corn Settle $3.4225/bushel – down 3.00 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.1575/bushel – down 7.00 cents/bushel from previous close
GBP EUR 1.1185
GBP USD 1.3350
EUR GBP 0.8935
EUR USD 1.1930