- US markets close – Soybean higher on news of Argentina buying US beans, talk of lower 2019 acreage. Corn marginally higher, although trade looking for harvest bottom. Wheat higher, as talk of lower Australian crop may have finally offered support.
- US Midwest weather forecast has a front that brings soaking rains to the north for the rest of the week, with the rest of the region remaining dry. Temperatures seen tapering off with some frost or freeze chances to the eastern Dakota’s, west Minnesota early next week.
- US 11-16 day forecast has turned to below average temperatures in most of the Midwest and eastern plains, including frost or even freezing temperatures. Precipitation seen running near average in most of the Midwest.
- Informa economics projected US 2019 all-wheat plantings at 50.078mln acres, up from this year’s USDA figure of 47.564mln acres (winter wheat estimated at 34.111mln acres compared with this season’s 32.243mln).
- China’s Ag Industry and government are aiming to put the nation’s vast pig herd on a low-soymeal diet to reduce the country’s reliance on US soybean imports.
- India has set farm output targets for 2018-19, of producing a record 285.2mln t of food grains in crop year starting July 2018, despite monsoon rainfall having been 9% below normal so far this year.
- Grain trade lobby Coceral, put its estimate of 2018 soft wheat production in the EU at 129.9mln t, down from 138.8mln t in its previous estimate in June. Maize production was lowered to 58.9mln t from 60.3mln t, while rapeseed was lowered to 19.4mln t from 21.0mln t.
- European retaliatory tariffs on US corn have helped increase Canadian grain shipments to Europe through the St Lawrence Seaway. A rare bright spot in a time of tit-for-tat duties among the US and its trading partners.
Last Trade Settlement:
London Nov ’18 Settle £175.80/t – up £3.05/tonne from previous close
Paris Dec ’18 Settle €202.50 – up €3.25/tonne from previous close
CBOT Nov ’18 Soybeans Settle – $8.3000/bushel – up 16.00 cents/bushel from previous close
CBOT Dec ’18 Corn Settle – $3.4575/bushel – up 2.50 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.2250/bushel – up 12.00 cents/bushel from previous close
GBP EUR 1.1285
GBP USD 1.3200
EUR GBP 0.8855
EUR USD 1.1690