- US markets close – US markets were closed yesterday for President’s Day. This morning soy is up 14 c/bu on disappointing Argentine rains, with corn up 1.0 c/bu and wheat up 3 cents/bushels.
- Brokers trim hopes for agriculture price rises, despite market’s strong start to the year, following limited downgrades to globally productivity and little change to demand forecast.
- Algeria are back in tomorrow for April-May wheat. Current values place Argentine wheat at a $15/t discount vs EU, and with exporters purchases of wheat higher than current export licences, it is envisaged that they may ‘pick-off’ a part of the business.
- Logistical issues and strong export demand lifts Russian wheat prices to multi-month highs, pushing MATIF higher ahead of the Algerian tender.
- UK May18 LIFFE trades sideways in its current trading range, albeit physical remains firm vs futures, but sees little flat price movement, particularly in the tight areas in the NE/NW/Scotland.
Last Trade Settlement:
London May ’18 Settle £138.45/t – up £0.80/tonne from previous close
Paris May ’18 Settle €162.25 – up €1.25/t from previous close
CBOT Mar ’18 Corn Settle – market closed
CBOT Mar ’18 Wheat Settle – market closed
GBP EUR 1.1335
GBP USD 1.4005
EUR GBP 0.8815
EUR USD 1.2350