International Grain, Seed and Fertiliser Merchant

Monday 19 November 2018

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Daily Grain Comments

  • US markets close – soybeans higher on continued positive comments by the president regarding the US-China trade negotiations. Corn lower on weak export sales. Wheat higher on continued concern over southern hemisphere crop production.
  • For the w/e 13th November, CFTC report showed managed money trimmed their Chicago wheat short position by 14459 contracts (now seen 26684 contracts short), while switching their Kansas City wheat long position by 12414 contracts (now seen 1271 contracts short).
  • For the w/e 13th November, CFTC report showed managed money trimmed their Chicago corn long position by 8648 contracts (now seen 17981 contracts long), while extending their Chicago soybean short position by 9947 contracts (now seen 55025 contracts short).
  • Newswire reports US farmers are taking a beating from the trade war with China and remains a major threat to farmers, according to Rabobank – Kansas City Fed Bank added they expected farmers having to sell assets to improve cash flow or make loan payments.
  • Newswire reports China’s written response to US demands for trade reforms is unlikely to trigger a breakthrough at talks between Presidents Trump and Xi Jinping later this month.
  • US Midwest weather forecast sees little in the way of precipitation over the next week, with some light rains possible into the weekend. Temperatures are seen warming this week.
  • US Southern Plains weather forecast also sees little precipitation this week. Temperatures seen running average to above average for much of the week.
  • Brazil weather forecast has no major changes, as close to average rainfall is seen over the near to mid-term.
  • Argentina weather forecast becomes dry for most of the week, with a front bringing light to moderate rains to most area by the weekend.
  • Farm office FranceAgriMer said in a report on Friday that 82% of the French soft wheat crop was in good/excellent condition a/o Nov 12th, up from 80% a week earlier, but down from 97% last year. Farmers had sown 92% of the expected area compared with 85% a week ago.

Last Trade Settlement:

London Nov ’18 Settle £167.85/t – down £1.15/tonne from previous close

Paris Dec ’18 Settle €199.75 – down €1.00/tonne from previous close

CBOT Jan ’19 Soybeans Settle – $8.9225/bushel – up 3.50 cents/bushel from previous close

CBOT Dec ’18 Corn Settle – $3.6475/bushel – down 2.75 cents/bushel from previous close

CBOT Dec ’18 Wheat Settle – $5.0675/bushel – up 1.25 cents/bushel from previous close

Currency Today:

GBP EUR    1.1260

GBP USD    1.2860

EUR GBP    0.8875

EUR USD    1.1420

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Company Number: 534118