Cereals

  • Argentina will likely harvest a ‘record’ 18.3MT of wheat for 2016/17 harvest with 11-11.5MT likely to be exported – Argentine Ag Minister. He also said that Argentina will have to look for new markets in which to export such volume – See Chart of the Day.
  • EU wheat exports reach 15.8MT which is 11% lower than the same point last year.
  • EU barley exports reach 3MT which is 59% lower than the same point last year.
  • Syria signs contract for the purchase of 1.2MT of Russia wheat in order to prevent similar shortage to last season.
  • US markets come under pressure as USDA publish projections at outlook forum.

Oilseeds

  • Rapeseed prices continued to fall following soybeans and wider oilseed prices lower.
  • Soybean prices fall sharply as USDA outlook conference reveals expectations of increase soybean acres to 88 million acres from 83.5Mac last year. This was above analysts expectations.
  • With average yields, this soybean acreage could lead to a record production for 2017/18.
  • The stronger sterling added to pressure on UK rapeseed prices.

Chart of the Day

Futures & Options prices