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Finally, a more settled spell of weather over the last two weeks has seen a huge amount of activity in our region with farmers desperate to catch up with drilling, fertiliser application and spraying. Most spring cereal and bean crops on light and medium bodied land have now been drilled, with only the trickier, heavy land remaining. I am often asked how late spring barley can be drilled; the answer completely depends on individual conditions at the time, all I will say is that many customers I deal with harvested successful spring barley crops in 2016 that weren’t drilled until May. The last month has also seen an advance in old crop prices. May’18 feed wheat is currently trading between £
Markets largely lower on the week, as US weather dominates the focus. US funds estimated net short 63.3k wheat, long 147.9k (corn) 143.5k (soybeans). Strong US weekly corn export sales reported at 1.092mmt, with 240k new crop wheat sales and 67k old crop cancellations reported (further reemphasising the lack of US competitiveness). China continues to auction off state reserves of corn, with another 5.6mmt sold this week. Now 11.8mmt in total for the last few weeks, with a further 7mmt due to be auctioned this coming week. Tunisia buys 3 old crop, 2 new crop wheat cargoes this week. French/Black Sea origin. Iraq buys 100k wheat, Australian origin. Strategie Grains place EU soft wheat crop at
Markets close mixed, with USDA data largely in line with expectations. Post report, US HRW rain prospects and Corn-Belt planting weather resumed much of the focus. USDA increase 2017/18 World wheat production by 0.96mmt to 759.75mmt (a new record). World wheat stocks increased by 2.33mmt to 271.22mmt (trade est. 268mmt). USDA reduce Argentine corn production by 3mmt to 33mmt, with Brazilian output reduced by 2.5mmt to 92.5mmt (largely in line with trade - though some private estimates still suggest more downgrades may be required). US funds estimated net short 75.2k wheat, long 199k (corn) and 143k (soybeans). Russian 12.5% protein wheat prices firm to $214 FOB, due largely to Rouble weaknes
Markets close higher after a volatile week. US/China’s trade war escalation prompted sharp selling, before attention returned to problematic US wheat/corn and SA forecasts later in the week. China announces intention to levy reciprocal tariffs of 25% on 106 US products, including soybeans, leading to a sharp sell-off (down $18/t at one stage). $100 billion of further tariffs is reportedly being considered by the US in retaliation. US funds estimated net short 61.6k wheat, long 200k (corn) and 134k (soybeans). EU soft wheat exports reported at 14.5mmt for the season (down 25% on the 19.4mmt shipped by this time last year). Russian Ag Min suggest that they will not raise the wheat export duty