- US market closes – Soy higher on meal strength and less than expected rains in Argentina. Corn higher on lower S Am crops and less than expected rains in Argentina. Wheat higher on short covering and continued concerns over dryness in US plains.
- South American weather forecast sees limited rains to fall in Argentina for most of the week until the weekend when rains look to fall in most areas. Near average rains are seen for Brazil this week while temperatures look to run below average for Argentina / S Brazil this week.
- Brazilian farmers have harvested a smaller share of their soybean crop as weather disrupts harvest progress, with the country’s harvest a/o 8th Feb put at 10%, below last year’s level of 19%.
- Argentine truckers have ended a strike that has stalled grain exports and agreed to meet with transportation authorities later this month – nearly 100 cargo ships were waiting to load soy and corn from Argentina’s main export hub of Rosario on Friday.
- China’s corn imports are expected to be higher this season due to rising demand and a reduction is sorghum imports following the government’s decision to investigate imports – now expected to import 1.5mln t of corn, 25% more than previously forecasted.
- Iraq’s grain imports will be higher this year as dry weather will curb domestic supply, an Iraqi official reported – Iraq consumes around 5mln t of wheat per year.
- Russian wheat prices rose last week as global prices touched multi-month highs in Chicago. Port disruptions because of storms also offered support.
- Russia’s January exports of wheat, barley and maize (corn) are estimated at 3.5mln t. down from 5.2mln t in December, SovEcon reports.
- According to the Federal Customs Service of Russia, a/o Feb 7th 31.4mln t of grain had been exported, which is 36% more y/y. Exports of wheat amounted to more than 24.5mln t, which is 37% higher y/y, with 2.82mln t of corn exported, which is 6% lower y/y.
- The Ukrainian Ag Ministry sees 2017-18 grain exports up to 41mln t , keeping its forecast unchanged at 40-41mln t .
Last Trade Settlement:
London May ’18 Settle £139.90/t – up £1.10/tonne from previous close
Paris May ’18 Settle €162.75 – up €1.00/t from previous close
CBOT Mar ’18 Corn Settle $3.6700/bushel – up 5.00 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle $4.6400/bushel – up 15.00 cents/bushel from previous close
GBP EUR 1.1265
GBP USD 1.3880
EUR GBP 0.8875
EUR USD 1.2320