International Grain, Seed and Fertiliser Merchant

Thursday 23 November 2017

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Daily Grain Comments

  • US markets – soy higher with buying triggered by continued dry weather in Argentina. Corn unchanged as large US/global supplies and slow US demand offsets Argentinian weather concerns. Wheat mostly unchanged but supported from declining US crop ratings.
  • Australia’s biggest grain handler Grain Corp Ltd, reported that its annual underlying profit nearly tripled on the back of a record wheat crop, but warned of a shrinking harvest and volatile energy costs ahead.
  • SAm weather has a weak front bringing light rains to northern Argentina, with the 6-10 day forecast seeing limited rains.
  • SAm weather sees light/moderate rains in southern Brazil, with good rainfall in the north. The 6-10 day forecast seeing good rains for much of Brazil – temperatures seen close to average in most of SAm over next 10 days.
  • China will exempt VAT on imports of distillers dried grains (DDGS) from Dec 20th, Chinese Finance Minister reported, following talks between Beijing and US President Donald Trump.
  • Russia had harvested 138.3mln t of grain before drying and cleaning a/o Nov 20th, with an average yield of 3.03t/ha, from 97% of the total area. This compares with 123.8mln t harvested with an average yield of 2.72t/ha a year earlier.
  • Ukraine’s corn exports a/o Nov 22nd were seen down 16.9% at 2.7mln t y/y, with wheat exports down 0.4% y/y at 9.5mln t and barley exports down 5.9% y/y at 3.7mln t.
  • Ukrainian winter grain crops are in better condition than at the same time last year thanks to favourable weather, with topsoil moisture higher than a year ago, and even underdeveloped crops at the emergence stage featured simultaneous growth.
  • UK wheat values move a little firmer on the week thus far as May18 LIFFE futures found support on the 6 month low @ £142.5 and steady farmer selling.

Last Trade Settlement:

London Nov ’17 Settle £137.40/t – up £0.80/t from previous close

Paris Dec ’17 Settle €158.75 – up €0.50/t from previous close

CBOT Dec ’17 Corn Settle $3.4525/bushel – up 0.25 cents/bushel from previous close

CBOT Dec ’17 Wheat Settle $4.2275/bushel – down 2.00 cents/bushel from previous close

Currency Today:

GBP EUR    1.1230

GBP USD    1.3295

EUR GBP    0.8900

EUR USD    1.1840

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