International Grain, Seed and Fertiliser Merchant

Thursday 20 December 2018

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Daily Grain Comments

  • US markets – Soybean lower on trade disappointment of scale of Chinese purchase, also seen testing key support levels. Corn lower on spill-over weakness in soy/wheat markets. Wheat lower on technical selling seen from bearish chart formations.
  • Recent US soybean purchases by China (2.6mln t in last two weeks) bring the seasonal total so far to 3.152mln t, although this compares with 21.5mln t at the same date last year.
  • Rainstorms are building soil moisture across Argentina’s soy belt, with strong showers in key parts of the pampas farm region expected to continue over the weekend.
  • Heavy rains in Northern Argentina continue, and have caused some wheat quality concerns, with downgraded production being seen. Cash prices rising instead of declining as harvest enters full swing.
  • Soybean harvesting has begun in isolated areas of Brazil’s Mato Grosso regions, as reports of drought-related crop losses continue out of Parana and Mato Grosso do Sol regions, although estimates of potential losses are not available.
  • Ukraine’s Ag Ministry reported grain exports may reach 47.2mln t this season, with total exports so far seen at 21mln t up 9% y/y, and mainly due to higher corn exports of 7.5mln t, up from 4.4mln t a year ago.
  • Russian Federal Statistics Service pegged their 2018 total grain crop forecast at 112.8mln t, slightly higher than the Ag Ministry’s estimate of 110mln t.

Last Trade Settlement:

London May ’19 Settle £178.90/t – down £0.15/tonne from previous close

Paris May ’19 Settle €206.25 – down €1.75/tonne from previous close

CBOT Jan ’19 Soybeans Settle – $9.0000/bushel – down 7.75 cents/bushel from previous close

CBOT Mar ’19 Corn Settle – $3.8175/bushel – down 3.75 cent/bushel from previous close

CBOT Mar ’19 Wheat Settle – $5.2250/bushel – down 10.25 cents/bushel from previous close

Currency Today:

GBP EUR    1.1060

GBP USD    1.2685

EUR GBP    0.9040

EUR USD    1.1465

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Company Number: 534118