- US markets – soy higher as complex continues to be supported by dry forecasts in Argentina. Corn unchanged despite strength in soy complex (beans/meal). Wheat lower on slow US export demand and talk of higher Russian exports.
- Informa Economics estimated the Brazilian soybean crop at 110mln t, down 1mln t from its previous estimate (USDA 108mln t). Sees corn production at 89mln t, down 3mln t from its previous estimates (USDA 95mln t) and last season’s 98.5mln t.
- Wire story reports America’s worst traffic jam this fall occurred on the Ohio river, where a line of nearly 50 miles of boats turned the river into a parking lot, as captains waited for the river to re-open – puts the M25 to shame!
- Canada’s chief negotiator at NAFTA told Canadian lawmakers the Trump administration’s proposal on automotive-sector content is ‘wholly unworkable’, and warned Canada wouldn’t sign on to a continental trade pact that ‘weakens the benefits of NAFTA for Canada’.
- SAm weather forecast doesn’t have much change as below average rainfall is seen for Argentina and most of southern Brazil over the next week/10 days, with average to above average rainfall for northern Brazil. Temperatures still look to run above average on most areas.
- Russia had harvested 139.5mln t of grain before drying and cleaning a/o Dec 4th, with an average yield of 3.04t/ha from 97.6% of the total area, ministry data showed. This compares to the 124.6mln t harvested with an average of 2.72t/ha by the same date last year.
- Russia’s 2017-18 wheat exports were raised to 35.3mln t, from 34mln t previously according to IKAR. Milder conditions during November, as well as a surplus of rail cars, kept shipments flowing, with exports projected to match September’s record of 5.1mln t.
- Egypt is looking to plant 3.74mln acres of wheat this season, up from 3.11mln last year, the agriculture ministry reported. The government attempts to limit the amount purchased by international tender by increasing domestic production.
Last Trade Settlement:
London May ’18 Settle £143.00/t – unchanged from previous close
Paris May ’18 Settle €165.00 – down €0.25/t from previous close
CBOT Dec ’17 Corn Settle $3.3975/bushel – up 0.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.0600/bushel – down 4.25 cents/bushel from previous close
GBP EUR 1.1315
GBP USD 1.3380
EUR GBP 0.8835
EUR USD 1.1825