- US markets close – soy lower as Argentine forecast offers some rain relief for northern area, pre USDA profit taking. Corn near unchanged on little news. Wheat lower on what seems pure profit taking as the unchanged weather outlook showed nothing to prompt the selling.
- US market continues to see nervousness after chief economic advisor Gary Cohn’s resignation yesterday. He was opposed to the President’s decision on steel and aluminium tariffs, and traders worry that his resignation confirms more ‘headwinds’ on trade issues.
- Argentine weather forecast sees no changes, with limited rains for the week and a front arriving for the weekend, but forecasts mixed on amounts and coverage before returning to drier conditions next week. Temperatures seen average to below average over next 10 days.
- Brazilian weather forecast sees no change, with decent rains falling in the north this week, with limited rains in the south. 6-10 days forecast sees rains for all areas of Brazil. Temperatures seen near average over next 10 days.
- US weather sees things looking quiet for the southern plains for most of the week and in the 6-10 day forecast. Close to average temperatures are seen for the southern plains and below average for the northern plains over next 10 days.
- Rains expected from late March in Argentina should enable farmers to start planting the 2018-19 wheat crop, though the moisture will arrive too late to benefit parched current soy and corn crops, analysts look for the planted area to surpass the 5.45mln ha planted last year.
- Russia expects to restore wheat deliveries to Iran amounting to 1.5mln t per year, reported the co-chairman of the Russian-Iranian inter-government commission.
Last Trade Settlement:
London May ’18 Settle £144.75/t – up £0.80/tonne from previous close
Paris May ’18 Settle €164.00 – down €1.50/tonne from previous close
CBOT May ’18 Corn Settle – $3.8725/bushel – down 1.00 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.9725/bushel – down 9.75 cents/bushel from previous close – trading down 4-6c/bushel this morning
GBP EUR 1.1210
GBP USD 1.3880
EUR GBP 0.8920
EUR USD 1.2380