- US markets – soy virtually unchanged as US exporters announced sale of 263kmt to China. Corn turned higher after setting new contract low, with announced sales to unknown (maybe China). Wheat higher as follow-on strength pulled market off recent contract lows.
- US farmers are likely to expand plantings of both corn and soybeans while reducing wheat for the upcoming marketing year, the USDA said on Tuesday. All wheat seedings seen for 2018-19 seen at 45mln ac, down from 46mln ac this year.
- Stats Canada will release their final production estimates for 2017 on Dec 6th with the average estimate for canola put at 19.94mln t, vs the August estimate of 18.2mln t. All-wheat production estimated at 27.37mln t, vs the August estimate of 25.54mln t.
- SAm weather forecast has a pair of fronts bringing rain to the western and southern growing areas of Argentina, but shows limited rainfall in some of the major growing regions over this week/weekend, things then look dry for most of next week.
- SAm weather forecast sees rainfall average to above in the northern regions of Brazil, below average in the south, near average in all regions next week. Temperatures look to run below average in most of SAm for the next week/10 days with no cold air threats.
- Algeria’s tender results should be released soon with estimates of 570,000 tonnes being purchased. It also looks as if there were at least 3 Argentina cargoes sold, with the remainder more likely to be of French origin.
Last Trade Settlement:
London May ’18 Settle £142.25/t – up £0.50/t from previous close
Paris May ’18 Settle €165.00 – up €2.25/t from previous close
CBOT Dec ’17 Corn Settle $3.3900/bushel – up 2.75 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.1650/bushel – up 5.75 cents/bushel from previous close
GBP EUR 1.1385
GBP USD 1.3475
EUR GBP 0.8780
EUR USD 1.1830