International Grain, Seed and Fertiliser Merchant

Thursday 26 October

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Daily Grain Comments

  • US markets – Soy unchanged as a weak Brazilian real continues to put pressure on the market and South American hedging. Corn lower as market moved below key moving averages. Wheat lower as Algeria / Jordan purchased away from the US.
  • US Midwest weather has no major changes as things will be mainly dry the rest of the week with a system bringing rains early next week. Temperatures fall to average/below average with a hard freeze likely ion all areas by next week-end.
  • South American weather has no major changes as Argentina sees rains towards the end of the week/ early next week. Soaking rains are seen for Southern Brazil with patchy rains in the North, while the 6-10 day forecast has good rains for all of Brazil.
  • Algeria purchased around 250,000t of durum wheat of optional origin, yet the purchase forecast to be sourced mainly from Canada and Mexico.
  • Brazil’s Ag ministry is seeking approval to import 750,000t of wheat duty-free. The request follows a reduction in planted area this year and problems with production, where above-average rains and frosts damaged fields have been aplenty.
  • Russia’s winter grain planted area may fall below last year’s 17.8mln ha based on current progress due to poor conditions recently, reports SovEcon. Winter crops were sown on 16.5mln ha a/o Oct.25th – similar to the same time last year.
  • Ukraine’s grain exports have reached 12.9mln t so far this marketing season, including 7.9mln t of wheat and 1.5mln t of corn. This is compared with exports of 13mln t, including 8mln t of wheat, to the same point last season.
  • Ukrainian farmers have sown 5.8mln ha of winter wheat for the 2018 harvest, or 94% of the expected area of 6.15mln ha.
  • UK sterling bounced yesterday as higher-than-expected growth figure is seen increasing the chances of a rise in interest rates in November, although it has slipped back from yesterday levels in this morning’s trading.

Last Trade Settlement:

London Nov ’17 Settle £139.40/t – unchanged from previous close

Paris Dec ’17 Settle €161.75 – up €0.50/t from previous close

CBOT Dec ’17 Corn Settle $3.5100/bushel – down 1.75 cents/bushel from previous close

CBOT Dec ’17 Wheat Settle $4.3550/bushel – up 2.50 cents/bushel from previous close

 

Currency Today:

GBP EUR    1.1175

GBP USD    1.3190

EUR GBP    0.8945

EUR USD    1.1805

 

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