Market Report 15th February 2019

Markets sharply lower this week as negative sentiment around US/China trade talks and news of aggressively cheap French export business weighs heavy. US/China negotiations continue to cause Ag market volatility. Markets sold off midweek basis the two sides were still some distance apart with the deadline looming. Then indications late in the week from the President were that a 60 day extension may be granted to avoid the tariff hike on 1st March if sufficient progress has been reached, providing some support. Matif under pressure as a result of sharply lower French wheat pricing to Tunisia/Algeria. 600tmt export business with Algeria at circa $247 FOB ($25 below US offers and $6 below Wednes

Market Report 8th February 2019

Markets close lower on the week, as USDA data largely underwhelms. USDA report US winter wheat area at 31.3m/a, a new record low (32.5m/a last season). Trade expectations circa 32m/a. In spite of this, US supplies are still anticipated to be ample next season with end of season stocks only expected around 3mmt lower. US corn yield lowered to 176.4b/a (178.9b/a prev.). Amounts to one of the largest ever changes from a Nov to Jan report. Impact on US S&D limited however as corn feed/ethanol usage estimated down circa 3.8mmt. Egypt’s GASC buys 300tmt wheat, split between US, French, Ukrainian origin. US offers notably cheapest. Best Russian c&f offers $4/5/t higher. EU wheat exports to Non-EU d

Market Report 1st February 2019

Markets close largely unchanged on the week as the trade looks ahead to Friday for much awaited USDA data. Some optimism surrounding US/China trade talks as Trump gives positive feedback re. agreements supposedly made on Ag products as well as hints of a wider agreement. Political analysts continue to suggest there are wide differences between the two sides. Sovecon increase estimate of 2019 Russian wheat crop by 2.7mmt to 80mmt as a result of higher winter plantings and benign weather to date for wheat crops. Russian Ag Ministry reduce wheat export estimate for the season by 1mmt to 36mmt. US export sales for late December reported at 1.7mmt (corn), 530tmt (wheat), 2.4mmt (soybeans). All in

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