- US markets – soybeans lower on concerns over trade talks following US arrests/indictments against Chinese firm Huawei executives. Corn lower as per soybeans. Wheat lower on Egyptian results and from Russian crop estimates.
- Brazilian weather forecast sees good rains in the far northwest growing region, with limited activity elsewhere over the near term. The 6-10 day forecast has close to average rains in most growing areas.
- Argentine weather forecast is dry until rains begin tomorrow through the rest of the week in most areas, the 6-10 day forecast sees below average rainfall in most of the growing regions.
- Egypt’s GASC purchased 360,000t (180 Romanian and 180 French) for the 11-20 March position. Prices paid were lower than previous tender due to GASC now paying suppliers immediately instead of 180 days, which has load costs and a fall in freight costs.
- Russia’s 2019-20 wheat crop was estimated at 76.5-77.0 mln t by UkrAgroConsult, while the Russian Grain Union estimates the crop at 75.0-76.0mln t.
- Russia’s 2018 wheat production is estimated at 72.1mln t, according to preliminary government data.
- Theresa May gets MP’s approval on revised Brexit proposal. Now the PM has the backing of Parliament, its back to Brussels to see if the EU will renegotiate the existing deal. Sterling initially fell on the commons vote, although has now slightly recovered from the lows.
Last Trade Settlement:
London May ’19 Settle £171.90/t – up £0.10/tonne from previous close
Paris May ’19 Settle €206.75 – up €0.50/tonne from previous close
CBOT Mar ’19 Soybeans Settle – $9.1900/bushel – down 4.25 cents/bushel from previous close
CBOT Mar ’19 Corn Settle – $3.7725/bushel – down 2.50 cents/bushel from previous close
CBOT Mar ’19 Wheat Settle – $5.1325/bushel – down 5.50 cents/bushel from previous close
GBP EUR 1.1460
GBP USD 1.3100
EUR GBP 0.8725
EUR USD 1.1425