- US markets – Soy lower as harvest progress / farm selling increases. Corn higher as harvest progress continues to lag as growers are focusing on soy. Wheat higher as market held on to the previous day’s gains although volumes were light in narrow trading range.
- US Harvest – Some report that later planted soy yields may be lower than expected, with most reports placing corn yields near or slightly above expectations leading to talk that the USDA could increase the crop in November.
- China’s September soybean imports were near 8.1mln t vs 7.2mln t y/y – Oct16-Sept17 bean imports near 93.5mln t vs USDA forecast of 92.5mln t.
- China’s Government might lower its purchasing price or suspend state buying of soybeans as farmers harvest the country’s largest crop in six years.
- India’s Government raised the minimum purchase price on wheat by 6.8%, the biggest increase for six years, in an attempt to help farmers boost their earnings and enhance output prospects.
- Brazilian 2018 soybean crop is estimated near 108mln t vs USDA at 107mln t, with Argentine crop estimated near 55mln t vs USDA at 57mln t, assuming normal South American weather.
- Cocereal estimates the EU 2017-18 soft wheat production at 141.1mln t, down from its previous estimate of 142.1mln t and compared to last season’s 136.5mln t.
- Cocereal estimates the EU 2017-18 corn production at 59.8mln t, up from its previous estimate of 59.3mln t and compared to last season’s 60.8mln t.
Last Trade Settlement:
London Nov ’17 Settle £139.40/t – up £0.40/t from previous close
Paris Dec ’17 Settle €161.25 – down €0.50/t from previous close
CBOT Dec ’17 Corn Settle $3.5275/bushel – up 1.50 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.3800/bushel – up 1.25 cents/bushel from previous close
GBP EUR 1.1230
GBP USD 1.3215
EUR GBP 0.8905
EUR USD 1.1765