- US markets – soybeans unchanged (Argentinian weather/good US demand supporting, good crop prospects in Brazil/weaker oil offering resistance). Corn higher on signs of additional short covering. Wheat lower as lack of news may have triggered new fund selling.
- NASS reported 90% of the corn crop harvested, up from 83% last week vs 96% last year and 95% as 5-yr average.
- NASS reported 96% of the soy crop harvested, up from 93% last week vs 98% last year and 97% as 5-yr average.
- NASS reported 88% of the winter wheat crop emerged, up from 84% last week vs 88% last year and 88% as 5-yr average.
- NASS reported the US winter wheat crop condition as 52% good/excellent, down 2% on the week, and lower than the 58% of a year earlier. Topsoil/subsoil moisture conditions also declined with adequate/surplus falling 3% and 1% respectively.
- A weed killer blamed for damaging millions of acres of US crops this summer did not reduce yields for most of the soybean checked by BASF SE, which makes a version of the herbicide.
- SAm weather forecast has a weak front bringing light rains to Northern Argentina early this week, with another front bringing moderate rains to the far North by the weekend. 6-10 day forecast sees limited rains for Argentina.
- SAm weather forecast sees light to moderate rains in Southern Brazil this week, with good totals of rainfall for the North. The 6-10 day forecast sees good rains for most of Brazil. Temperatures look to run close to average in most of SAm over next 10 days.
- Brazilian corn producers in Mato Grosso state should harvest 25mln t of corn in the second harvest of the 2017-18 season. This is an 18-19% drop from the same period a year ago, due to low corn prices and planting problems with soybeans.
- Russia’s November grain exports are expected to fall to 4.3-4.5mln t from 4.53mln t in October due to seasonally lower demand. Export prices were stable last week due to quiet trade.
- India has raised import tax on edible oil to the highest level in more than a decade, as the world’s biggest importer tries to support its domestic farmers, and ‘capping’ edible oil imports in the 2017-18 marketing year.
Last Trade Settlement:
London Nov ’17 Settle £136.45/t – down £1.60/t from previous close
Paris Dec ’17 Settle €157.75 – down €1.00/t from previous close
CBOT Dec ’17 Corn Settle $3.4500/bushel – up 2.00 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.2200/bushel – down 5.25 cents/bushel from previous close
GBP EUR 1.1290
GBP USD 1.3240
EUR GBP 0.8855
EUR USD 1.1720