International Grain, Seed and Fertiliser Merchant

Thursday 22 February 2018


Daily Grain Comments

  • US markets close – soy higher as talk of lower Argentine supply offset talk of increased Brazilian crop/farmer selling. Corn unchanged as market finds support from lower South American supply and talk of reduced US acreage. Wheat lower on rains across the eastern part of the US HRW growing areas.
  • USDA weekly export data indicated y/y (a/o Feb  15th) wheat exports were running 5% behind a year ago, with USDA forecasting a 10% decline. Corn exports were 32% behind y/y verses the USDA’s 11% decline.
  • South American weather has limited rainfall for Argentina over the next week/10 days. Limited rain seen for S Brazil & good rains in the north. Temperatures look to run below average in Argentina/S Brazil, with near average in the rest of Brazil.
  • US weather looks to be active with rains in E Kansas, E Oklahoma and Texas. 6-10 day forecast sees more rains possible in eastern sections of the HRW wheat belt with limited rains in the western parts.
  • Algeria reportedly purchased a less than expected 340,000t (although other reports put it as much as 460,000t) of wheat with prices ranging between $222-$226/tonne C&F.
  • Egypt’s GASC purchased 120,00t of Russian wheat (March 22-April 1) at average price of $223.50 C&F/tonne, which is the highest price paid since February 2015. GASC’s total wheat purchases for the season so far are 5.69mln t, up 24% y/y.
  • Ukraine’s grain exports totalled 25.9mln t a/o Wed 21st Feb, down from 28.4mln t y/y reported the Ag Ministry. Within this year’s exports to date, wheat accounted for 12.7mln t, and corn for 9.0mln t of the total.

Last Trade Settlement:

London May ’18 Settle £138.85/t – down £0.10/tonne from previous close

Paris May ’18 Settle €163.00 – up €0.75/tonne from previous close

CBOT Mar ’18 Corn Settle  – $3.6575/bushel – up 0.25cents/bushel from previous close

CBOT Mar ’18 Wheat Settle – $4.4725/bushel – down 2.00cents/bushel from previous close

Currency Today:

GBP EUR    1.1295

GBP USD    1.3890

EUR GBP    0.8845

EUR USD    1.2290

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Company Number: 534118