- US markets close – soybeans lower on talk of higher South American production. Corn lower on poor export sales. Wheat higher on follow-through support from Egyptian purchase, talk of declining southern hemisphere crops.
- An improved crop outlook in the Ukraine is expected to offset lower output from the US, with the IGC only slightly lowering its global corn production forecast by 1mln t to 1.073mln t, while maintaining its global wheat production forecast at 729mln t.
- Brazil weather forecast had moderate to heavy rains expected over last weekend, with weather then turning mostly dry. Temperatures seen variable over the weekend, moving to near to below normal early this week.
- Argentina weather forecast had showers over the weekend, with dry weather and limited showers seen early this week. Temperatures seen running below normal early this week.
- China has agreed to buy barley and corn from Kazakhstan, as Beijing seeks to diversify its foreign sources of agricultural products.
- Brazil is having its best-ever start to a grain crop and soybean output could be as high as 129mln t in 2018/19 depending on the weather and adequate use of inputs, Agroconsult reported.
- Argentine farmers are slowly advancing in their work to plant soybeans, reaching 29.6% of the area expected to be planted. Corn plantings have barely advanced, reaching 36.8%, although areas affected by recent cold weather are recovering according to BAGE.
- Argentina’s wheat harvest is expected to reach 18.7mln t, down slightly from 19mln t previously forecast, after heavy rains partially damaged the crop, the Rosario Grain Exchange commented. RGE held its prediction for the corn harvest unchanged at 43mln t.
- Ukrainian grain exports have reached 16.6mln t so far in the 2018-19 marketing season, compared with 15.8mln t by the same time last season the Ag ministry reported. Corn exports have reached 4.4mln t vs 2.6mln t last season, while wheat exports have fallen to 8.8mln t.
- 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 19th, unchanged from a week earlier, but still at a 6-yr low. Farmers had sown 97% of the expected area compared with 92% a week ago.
Last Trade Settlement:
London May ’19 Settle £174.00/t – down £0.75/tonne from previous close
Paris Dec ’18 Settle €199.25 – down €1.50/tonne from previous close
CBOT Jan ’19 Soybeans Settle – $8.8100/bushel – down 2.00 cents/bushel from previous close
CBOT Dec ’18 Corn Settle – $3.5900/bushel – down 2.75 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $4.9975/bushel – up 1.00 cent/bushel from previous close
GBP EUR 1.1285
GBP USD 1.2835
EUR GBP 0.8855
EUR USD 1.1375