- US markets – soy sees little movement ahead of USDA. Corn up marginally to highest levels in 4-months on fund short covering. CBOT wheat to 4-month highs on short covering on southern plains dryness concerns and ahead of USDA tonight.
- US weather week forecasts show a cold front moving south across Midwest & southern plains, with minimal precipitation along with it. Meanwhile wetter weather moves in to the delta and SE.
- Australian grain markets generally moved firmer yesterday following the Chinese switch from US sorghum. Wheat futures rallied c. Aus$8/mt, despite the lack of export competitiveness vs Black Sea.
- South American week forecast sees little change, with Argentina seeing light showers this weekend, before dry and warm conditions return next week. Brazil remains normal on both temp & precipitation.
- Trade forecasts for USDA (1700GMT) Brazil soybeans up 2m mt (112m mt), but being offset by -2m mt in Argentina (54m mt), following well discussed dryness issues.
- UK saw slightly firmer LIFFE values yesterday in line with Matif, up on a weakening euro, as physical wheat prices see little change on old crop, continuing the sideways price direction seen in recent months.
- USDA monthly report is released this afternoon @ 1700GMT.
Last Trade Settlement:
London May ’18 Settle £139.90/t – up £1.75/tonne from previous close
Paris May ’18 Settle €162.75 – up €1.75/tonne from previous close
CBOT Mar ’18 Corn Settle $3.6525/bushel – up 1.5 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle $4.6050/bushel – up 14.75 cents/bushel from previous close
GBP EUR 1.1347
GBP USD 1.3889
EUR GBP 0.8807
EUR USD 1.2237