- US market closes – Soy higher on continued weather concerns in Argentina. Corn virtually unchanged as Argentinian weather supports but large stocks provide resistance. Wheat lower as latest National weather service (NWS) has increased rain changes for US Midwest.
- South American weather – Argentina still has limited rains for most areas this week while most of next week looks dry with another rain system the following week-end.
- South American weather – Brazil sees near average rains this week, with the 6-10 days forecast showing average rainfall in all growing areas. Temperatures look below average in Argentina/S Brazil this week with 6-10 forecast close to average for most of Sam.
- Things look to be fairly quiet across the HRW wheat belt for much of this week and the next 10 days for weather.
- Australian wheat exports have slowed to a trickle as traditional markets in SE Asia turn to cheaper alternatives, the biggest impact on wheat sales has been Indonesia’s rapid embrace of wheat produced by Russia and the Ukraine.
- Mexico will import 13mln t of corn this year, a similar amount to 2017, but produce 27mln t in 2018 up from roughly 26mln t of corn grown last year reports the Mexican Ag Ministry.
- Iraq’s deputy Ag Minister reported that the country’s wheat and barley production this year could be 20% below last year’s production due to dry weather – that would put wheat production near 3.38mln t (4.23mln t in 2017) with consumption expected to be 6.825mln t.
- France’s farm office AgriMer cuts its monthly forecast of French soft wheat exports this season, leading it to increase projected stocks. Non-EU soft wheat exports were lowered to 9.0mln t, down from 9.3mln t, lifting projected stocks to 3.25mln t from 2.9mln t previously.
Last Trade Settlement:
London May ’18 Settle £139.50/t – down £0.50/tonne from previous close
Paris May ’18 Settle €161.50 – down €1.50/t from previous close
CBOT Mar ’18 Corn Settle $3.6725/bushel – up 0.50 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle $4.5575/bushel –down 5.00 cents/bushel from previous close
GBP EUR 1.1260
GBP USD 1.4050
EUR GBP 0.8880
EUR USD 1.2480