- US markets close – soybeans lower. Corn higher following strength in wheat markets. Wheat higher on talk of lower Australian production, weather issues in Brazil, and potential lower winter wheat plantings due to slow soybean harvest.
- US Midwest weather forecast has two systems with light to moderate snowfall this week. Otherwise there is little in the way of precipitation seen for the region over next 10 days. Temperatures will be running below average.
- US Southern Plains weather forecast has snowfall finishing up today, things then quiet down for the rest of the week, weekend and early part on next week. Temperatures below average early part of this week, before warming second half and into the first part of next week.
- Brazil weather forecast has close to average rains falling in most of Brazil’s growing regions over the next 10 days.
- Argentina weather forecast continues with moderate to good rainfall through tomorrow, before quietening down the rest of the week. More rain returns Friday, with the weekend and early next week looking dry again.
- Nation Australia Bank cut Australian winter crop forecast, which is primarily wheat, by some 3% to 16.9mln t while lowering production views for NSW and Victoria states.
- Brazilian farmers have finished planting 71% of the intended area that will be sown with soybeans for the 2018-19 growing season a/o 11th Nov, according to AgRural, well ahead of the 5-yr average of 54%.
- Brazil’s wheat imports are expected to increase 11% in 2019 to 7mln t, as the country grapples with crop failures this year, Bunge Ltd reported. Weather issues are contributing to the forecast being cut to 5.3mln t from 6mln t originally.
- Argentine farmers have finished planting 9.4% of the total area estimated to be sown with wheat, more than doubling the progress of a week earlier, but still behind last year’s pace, BAGE reported. Corn planting moving ahead slowly with 36% reported as planted.
- Egypt’s strategic reserves of wheat are enough to cover the country’s needs for just over 4 months, the supply minister was quoted as saying.
- Russia’s November grain exports are expected to be 4.75mln t, down from 5.05mln t in October, SovEcon estimated.
Last Trade Settlement:
London Nov ’18 Settle £168.85/t – up £1.85/tonne from previous close
Paris Dec ’18 Settle €20200 – up €2.50/tonne from previous close
CBOT Nov ’18 Soybeans Settle – $8.7175/bushel – down 3.50 cents/bushel from previous close
CBOT Dec ’18 Corn Settle – $3.7125/bushel – up 1.50 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.1975/bushel – up 17.75 cents/bushel from previous close
GBP EUR 1.1475
GBP USD 1.2895
EUR GBP 0.8710
EUR USD 1.1235