International Grain, Seed and Fertiliser Merchant

Monday 7 January 2019

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Daily Grain Comments

  • US markets – soybeans higher on weather concern in South America and optimism over trade talks. Corn higher as per soybeans, closed above key resistance levels. Wheat higher as firmer EU prices, Argentine concerns, talk of lower US sowings and weaker US$ supports.
  • USDA had been scheduled to issue monthly US/Global supply and demand, US planting figures and US quarterly stocks report this week, but releases have been postponed indefinitely due to US Government shutdown.
  • US/China will hold vice-ministerial level trade talks in Beijing today and tomorrow, as the two sides look to end a dispute that is inflicting increasing pain on both economies and global financial markets.
  • Brazil weather forecast shows little change, with decent rains still seen over most of the country’s growing areas during the next 5 days, with limited rains seen for the North Eastern areas in the 6-10 day period.
  • Argentine weather forecast sees soaking showers returning early this week, with another round of soaking rain to fall in most areas later in the week.
  • Brazil’s Grain Growers Group Aprosoja lowered their soybean production estimate down to a range of 110-115mln t, compared with last month’s CONAB estimate of 120mln t, and the USDA’s of 122mln t.
  • BAGE estimated Argentine soybean plantings at 89.7% complete, although wet weather slows further progress. Corn seen at 82.7% complete, with the wheat harvest reported at 90.6% complete, which may limit losses due to current excessive rainfall.
  • The state agency in Pakistan is tendering to sell and export 100,000t of wheat under a new government program agreed in November, where the government approved the export of up to 500,000t of subsidised wheat to reduce large local supplies.
  • EU reinforced its new position as a net cereal importer at the end of December as a record pace of maize imports continued to outweigh faltering wheat and barley exports, official data showed.

Last Trade Settlement:

London May ’19 Settle £178.75/t – up £0.25/tonne from previous close

Paris May ’19 Settle €208.00 – up €0.75/tonne from previous close

CBOT Mar ’19 Soybeans Settle – $9.2150/bushel – up 8.75 cents/bushel from previous close

CBOT Mar ’19 Corn Settle – $3.8300/bushel – up 3.25 cent/bushel from previous close

CBOT Mar ’19 Wheat Settle – $5.1700/bushel – up 3.25 cents/bushel from previous close

Currency Today:

GBP EUR    1.1145

GBP USD    1.2755

EUR GBP    0.8970

EUR USD    1.1440

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Gainsborough, Lincolnshire DN21 5TH.

Company Number: 534118