- US markets – soy lower on higher Canadian canola, plus talk of possible rains in central Argentina. Corn unchanged with low energy prices/slow US exports limiting gains. Wheat lower (Dec trading a new contra low) on higher Canadian number/slow US export sales.
- US International Trade Commission made a final finding that biodiesel imports from Argentina and Indonesia harm US producers, ensuring that anti-dumping and anti-subsidy duties remain in effect.
- Canadian Stats Canada estimated the 2017 all-wheat production at 29.98mln t, down 5.5% y/y from last season’s 31.73mln t, but still about 2mln t over trade expectations. Canola seen at 21.31mln t, up 8.7% on last season’s 19.6mln t.
- SAm weather forecast continues with below normal rainfall for Argentina/S Brazil over next week, above average in N Brazil. Temperatures look to run above average in most areas over next week.
- Russia still expects to export 45mln t of grain in the 2017-18 marketing year which started on July 1st, reported the Ag Minister, adding that his forecast included 35mln t of wheat.
- Russia’s 2018 grain crop may fail to repeat this year’s record due to high grain stocks, reported the Ag Ministry’s crop growing department, adding that winter grain sowings needed snow in some regions, although weather conditions have been generally favourable.
- Egypt has 3.4mln t of wheat reserves, enough for more than 4 ½ months, the supply minister reported yesterday, stating it expects to buy 7mln t of wheat during the fiscal year.
- Coceral raised its estimate of EU 2017 soft wheat production to 142mln t, up from 141.1mln t previously. Also raised maize production to 61.4, up from 59.8mln t, but cuts is estimate of rapeseed production to 21.9, down from 22mln t previously.
Last Trade Settlement:
London May ’18 Settle £142.60/t – down £0.40/t from previous close
Paris May ’18 Settle €164.50 – down €0.50/t from previous close
CBOT Dec ’17 Corn Settle $3.3925/bushel – down 0.50 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $3.9850/bushel – down 7.50 cents/bushel from previous close
GBP EUR 1.1345
GBP USD 1.3380
EUR GBP 0.8810
EUR USD 1.1790