- US markets close – soy lower as concerns over Argentine crops continues to support. Corn slightly lower, despite cash values remaining strong due to export demand and higher ethanol production. Wheat higher on reports of lower than average US winter wheat crop ratings.
- US grain barge shipping came to a near standstill in parts of the mid-west last week, as heavy rains and melting snow swelled rivers, halting barge loading and shipment down to the gulf coast export terminals.
- US President Donald Trump has called a meeting with key senators and cabinet officials to discuss potential changes to biofuels policy, which is coming under pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy.
- Argentine weather forecast has limited rainfall over the next 5 days, but 6-10 day forecast looks for rains to fall over the weekend. Temperatures looking to run below average over next 10 days.
- Brazilian weather forecast has limited rains for Southern Brazil over this week with moderate to heavy rains seen towards the end of the weekend, with good rains seen in the north. Temperatures below average for the south, near average for the rest of Brazil over next 10 days.
- US weather sees light snow for northern Kansas with moderate rains for eastern Kansas, Oklahoma and Texas by the end of the week. No cold air threat seen for the plains.
- Mexican buyers imported ten times more corn from Brazil last year amid concerns that NAFTA renegotiations could disrupt their US supplies.
- China, the world’s top sorghum buyer, imported 560,000t in January, more than three times the previous month’s volume, as buyers snapped up the feed ingredient amid healthy demand from expanding livestock farms.
- The global wheat market is expected to see its first drawdown in stocks in six seasons in 2018-19 with production forecast to fall, reported the IGC, which also sees a decline in global corn (maize) stocks despite a small rise in production.
- EU 2017-18 non-EU soft wheat exports were reported at 13.0mln t a/o Feb 20th down 19% y/y official data showed. Non-EU soft wheat imports were reported at 2.6mln t, up 14% y/y.
- Farm office AgriMer estimated that 85% of the French soft wheat crop was in good/excellent condition a/o Feb 19th, up from 84% a week earlier, but still lower than this time last year.
Last Trade Settlement:
London May ’18 Settle £139.45/t – up £0.20/tonne from previous close
Paris May ’18 Settle €164.50 – up €1.00/tonne from previous close
CBOT Mar ’18 Corn Settle – $3.6625/bushel – down 0.50 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle – $4.5225/bushel – up 1.00 cents/bushel from previous close
GBP EUR 1.1390
GBP USD 1.4065
EUR GBP 0.8775
EUR USD 1.2345