- US markets close – Soy higher as support continues from Argentine weather forecasts with limited rain potential. Corn higher on Argentine weather concerns. Wheat higher, although reports may now have funds flipping their position to a small long.
- Argentine weather forecast has limited rains for this next 10 days, with temperatures look to run average/above average.
- Brazilian weather forecast has light to moderate rains seen falling in most of Brazil over next 10 day period with temperatures seen near average.
- US plains weather remains quiet over next 10 days with any rainfall favouring the eastern thirds of KA, OK and TX, with close to average temperatures seen for the plains over the period.
- US President Trump will gather rivals from the oil and corn industries for the second time this week as the administration seeks elusive common ground on reforms to the nation’s controversial biofuels law.
- BAGE lowered their Argentine soybean production estimate to 44mln t, from 47mln t previously (two weeks ago), but left their corn production estimate unchanged at 37mln t and commented that there would be further cuts if there is no rains in the coming days.
- Russian Prozerno estimated the 2018-19 wheat harvest at 76.7mln t , with IKAR’s estimate at 73.0-82.0mln t and SovEcon’s at 76.7mln t – recent bitter cold weather has pushed export prices higher with winterkill potential increasing albeit good snow cover is present for many areas.
- Brussels reported weekly EU soft wheat exports of 145,00t, bringing the season-to-date figure to 13.244mln t, down 20% from last year’s 16.648mln t – imports were reported at 99,000t for the week and 2.688mln t for the season-to-date, up 16% on last year’s 2.322mln t.
Last Trade Settlement:
London May ’18 Settle £142.50/t – up £0.50/tonne from previous close
Paris May ’18 Settle €168.75 – up €0.50/tonne from previous close
CBOT Mar ’18 Corn Settle – $3.7875/bushel – up 4.25 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle – $5.0550/bushel – up 21.00 cents/bushel from previous close
GBP EUR 1.1215
GBP USD 1.3780
EUR GBP 0.8915
EUR USD 1.2285