- US grains were supported in this morning trade as funds took positions ahead of tomorrow’s USDA Agricultural Outlook Forum which is expected to shed light on the US farmers planting intentions.
- Tunisia buy 100KT of milling wheat and 25KT of feed barley of optional origins in recent tender; sellers included Soufflet, Casillo and Bunge for shipment March/April.
- Egypt’s GASC purchased 360KT of Black Sea wheat today (of which 300KT Russian and 60KT Ukrainian) at an average FOB price of $197.3/T vs $196.2/T last week [See Chart of the Day].
- UK ethanol plants continue to be strong consumers of domestic feed wheat. Of interest, 405 lots traded today on the May-17 LIFFE Feed wheat expiry – the most for the contract since Dec 1st 2016.
- Taiwan Flour Millers Association purchased 103KT of US origin wheat in recent tender.
- US exporters reported the cancellations of sales of 136KT of corn to South Korea.
- Record supplies of South American soybeans continue to limit the gains on oilseed markets.
- Palm makes a recovery as buyers take an interest in prices at a 3-1/2 month low.
- Rapeseed values continue to come under pressure as the euro recovers slightly on recent losses and prices catchup with recent drop on vegoils.
- Goldman Sachs confirmed their expectation that oil prices will rise to $57.50/bbl in Q2 2017 followed by a decline to $55bbl for the rest of the year.
Chart of the Day
Futures and Options Prices