- US markets – soy lower on talk of wetter SA forecast. Corn marginally higher on higher than expected weekly ethanol production and lower US$. Wheat higher on talk of colder, drier south plains weather, that may be supporting lower US$ and fund short-covering.
- US Midwest weather sees above normal temperatures for this week, with a winter storm from the West due into the weekend. Arctic blast seen lasting next week and into the new year and could bring the coldest temperatures in a year.
- US Northwest region will see winter weather advisories starting today with heavy snow in areas of Washington, Idaho and Montana.
- US 11-16 day forecast has above normal temperatures in the Southwest with the rest of the country below normal. Extreme cold air will be seen in the Northern Plains upper Midwest and Northwest regions.
- Russia’s Deputy Ag Minister informed Saudi Arabia that Russian companies want to start wheat sales to the region, although currently Russian wheat doesn’t meet some Saudi quality standards.
- Wheat prices are set to remain in the doldrums as global output keeps expanding, curbing volatility and trading opportunities, according to InVivo. Prices will probably remain low for another year, as output rises in top shipper Russia, and Argentina’s comeback continues.
- Goldman Sachs says under normal weather conditions, CBOT corn is likely to remain flat at $3.50 a bushel for the next 3, 6 and 12 months. Firm also keeps soy forecast at $9.80 a bushel over next 3, 6 and 12 months.
- IMF downgrades UK growth forecast on Brexit uncertainty. Expects growth of 1.6% this year, down slightly from its previous forecast of 1.7%, and expects growth to slow further next year to 1.5%.
Last Trade Settlement:
London May ’18 Settle £142.30/t – up £0.75/t from previous close
Paris May ’18 Settle €164.25 – down €0.50/t from previous close
CBOT Mar ’18 Corn Settle $3.4925/bushel – up 1.75 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle $4.2350/bushel – up 4.00 cents/bushel from previous close
GBP EUR 1.1260
GBP USD 1.3380
EUR GBP 0.8880
EUR USD 1.1885