- US markets close – soy higher as funds continue to build a long position on lower Argentine supply. Corn higher on Argentine crop concerns and positive technical markets. Wheat higher on declining US winter wheat crop ratings.
- US monthly winter wheat crop ratings show further deterioration in KA, CO, NE, ND, SD and MO, with OK unchanged and IL slightly improved. All states showing marked declines compared with this time last year.
- This week’s US export inspections indicated (for w/e Feb 22nd) wheat exports running 6% behind y/y, with the USDA projected a 10% decline, corn 31% behind y/y vs a projected 11% decline, and soybean 13% behind y/y vs a projected 3% decline.
- Argentine weather forecast has limited rainfall for most of the week, with better coverage and isolated thunderstorms seen into the weekend. The 6-10 day forecast sees below average rainfall – temperatures look to run average/above average for next 10 days.
- Brazilian weather forecast sees light to moderate rains in most of Brazil over 6-10 day period. Temperatures seen as average occurring in most of Brazil.
- India’s 2017-18 wheat production was seen at 97.1mln t, down 1.4% from last year’s 98.5mln t.
- China’s Commerce Ministry reported it has removed anti-dumping and anti-subsidy duties on US white feathered broiler chicken, ending a year-long dispute amid growing tensions over agricultural trade, and after a WTO ruling in January forcing Beijing to lower the tariff.
- Russia’s February exports of wheat, barley and corn are estimated at 3.8mln t, up from 3.5mln t exported in January, SovEcon reported.
- Russian wheat prices rose again last week, supported by higher global prices (Chicago), a relatively strong rouble and a seasonal slow-down in availability for export, although high export demand from Egypt will keep cash values underpinned.
Last Trade Settlement:
London May ’18 Settle £140.00/t – up £0.20/tonne from previous close
Paris May ’18 Settle €165.50 – unchanged from previous close
CBOT Mar ’18 Corn Settle – $3.7050/bushel – up 1.75 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle – $4.6325/bushel – up 3.75 cents/bushel from previous close – trading up a further 5-8c/bushel this morning
GBP EUR 1.1355
GBP USD 1.3885
EUR GBP 0.8805
EUR USD 1.2225