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Market Report 26th April 2019


Markets largely unchanged on the week as US wheat and corn hits new contract lows.

  • US/China meeting scheduled for Wednesday this week will be closely monitored for any developments re. a trade agreement. Some suggestion a deal is nearing from US officials.

  • Russian FOB values down $10/t on the week as the old crop market begins to align more with the new crop.

  • IGC increase their 19/20 Russian wheat crop estimate by 2.4mmt to 79.5mmt (IKAR 80.1mmt

  • EU commission increase old crop wheat exports estimate by 2mmt to 21mmt. Exports have picked up sharply in the last few months as EU shippers seek to clear stores.

  • Stats Canada place wheat area at 25.7m/a, a 4% increase year on year. Above trade expectations.

  • US funds estimated net short -345k (corn), -134k (soybeans), -130k (kc +ch wheat),

  • US weekly export sales largely routine. 780tmt (corn), 425k (wheat) in line with trade targets.

  • Financial/political turmoil in Argentina weakened the peso 8% in 2 days last week. Weaker currency reportedly encouraging Argentine growers to sell corn in volume.

WEATHER/CROP DEVELOPMENT