- US markets – Soybeans lower on ‘buy the rumour, sell the fact’ and lower than initial projections. Corn lower on soy weakness, although solid exports numbers limited losses. Wheat higher on news of planned meeting between Russian Ag Ministry/exporters.
- USDA report exporters sold 1.13mln t of soybeans for delivery to China during the 2018-19 marketing year. Although the market had the initial total near 2.5mln t, so looking for further announcements.
- Brazil’s weather forecast still looks for a front to bring fairly soaking rains to the southern growing regions by the weekend and first half of next week. Rain actively looks to be quieter in the north, but not rain free.
- Argentina’s weather forecast has rains continuing for the rest of the week, with things quieting down for the weekend and most of next week.
- BAGE reports corn and soybeans sowing 46.7% and 68.8% complete respectively. Maintain acreage forecasts of 5.8mln ha and 17.9mln ha respectively.
- BAGE reports wheat harvest 57.4% complete with average yield coming in at 2.71t/ha. Trimmed production forecast from 19.2mln t to 19mln t, as heavy rains is seen threatening harvested area.
- Russia’s Ag Ministry is planning a meeting with grain exporters on December 21st as domestic wheat prices climbed to the highest level in nearly a decade.
Last Trade Settlement:
London May ’19 Settle £179.35/t – up £1.50/tonne from previous close
Paris May ’19 Settle €208.25 – up €1.50/tonne from previous close
CBOT Jan ’19 Soybeans Settle – $9.0700/bushel – down 13.00 cents/bushel from previous close
CBOT Mar ’19 Corn Settle – $3.8425/bushel – down 1.00 cent/bushel from previous close
CBOT Mar ’19 Wheat Settle – $5.3600/bushel – up 9.50 cents/bushel from previous close
GBP EUR 1.1155
GBP USD 1.2595
EUR GBP 0.8965
EUR USD 1.1290