- US markets – soybeans lower on news that White House trade advisor Navarro will be attending the US/China trade meeting. Corn traded both sides supported by a strong weekly export sales number. Wheat lower on news that Russian Ag Ministry raised wheat production.
- EPA refinery biofuel waiver program on hold pending review, as the Trump administration has temporarily frozen a program meant to exempt small oil refineries in financial distress from the US biofuels law.
- Brazil’s weather forecast has close to average rainfall in most of the growing areas over the next 5 days. Fairly dry weather is now seen in the southern parts in the 6-10 day period.
- Argentina’s weather forecast has no major changes, other than a few spotty and light showers. Limited rainfall is seen through to the end of next week.
- News wire story reports soybean crush margins in China have turned negative for the first time since early August, pressured by the lower demand for soymeal following the outbreak of African swine fever and high domestic beans stocks.
- Russia may harvest 131mln t of grain in 2019, including 77.3mln t of wheat, according to the head of SovEcon, as the country is on track to sow winter grains on a record area of 18.2-18.3mln ha, up from 17.8mln ha a year earlier.
Last Trade Settlement:
London May ’19 Settle £173.40/t – up £0.15/tonne from previous close
Paris Dec ’18 Settle €199.00 – down €0.75/tonne from previous close
CBOT Jan ’19 Soybeans Settle – $8.8725/bushel – down 3.25 cents/bushel from previous close
CBOT Dec ’18 Corn Settle – $3.6025/bushel – down 0.25 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $4.9650/bushel – down 1.00 cent/bushel from previous close
GBP EUR 1.1210
GBP USD 1.2750
EUR GBP 0.8915
EUR USD 1.1370