- May-17 UK wheat market continues to trade sideways in a very narrow range, £1.50/T for the week. Farmers continue to make the most of the dry weather in finishing their spring plantings. Yield potential remains mostly good even if disease pressure is on the rise.
- Despite Algeria potentially booking some French milling wheat in its 570T purchase, may-17 Euronext wheat contract was set to close lower for a 5th consecutive day/week, hovering around its contract low of 162.75€/T hit last week.
- According to FranceAgriMer, French maize plantings are 6% complete as of April 3rd vs 1% last week and 0% last year. Although crops could benefit from moisture, 90% of the French winter wheat is rated ‘GD/EX’, unchanged from last week and compared with 92% last year [See Chart of the Day].
- The US wheat markets were mixed ahead of next week’s April USDA WASDE report and expectations of improving winter wheat conditions.
- China is thought to import 2MlnT of corn in 2016/17, +1MlnT from previous forecast and compared with 3.2MlnT in the previous campaign [Source: Reuters].
- According to French customs, the country’s February non-EU wheat exports dropped to 245.4KT (vs 372.1KT in Jan), taking the total to 3MlnT (-55% year-on-year).
- Penalised by the Ruble move and despite a record production, Russia only exported 3.2MlnT of wheat for the period Jan-Feb compared to nearly 3.6MlnT last year.
- After sharp gains early this week, May-17 Euronext rapeseed prices pulled back and closed below the 400€ psychological level.
- US Soybean / soymeal futures prices were virtually unchanged ahead of what could be a bearish report next week with potential increase in South American soy output.
- AgRural raised its 2016/17 Brazilian soybean production forecast by 4.6MlnT to 111.6MlnT.
- Weather forecast for Argentina remains very wet for the weekend but turns drier from Tuesday.
Chart of the Day#1: French Crop condition
Futures & Options prices