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Straights Update

18th May 2018 0845 602 7321 Currency – £/$ 1.3510 £/Euro 1.1410

Wheat futures firmed with support coming from hot, dry weather hampering plantings in Australia in a bid to plant when there is rain.  Canada, Black Sea and parts of Europe are also experiencing dry conditions.  US export sales were disappointing this week with actual shipments down nearly 40% for the same week last year.  Maize markets were looking weaker with funds selling contracts however there has been a turnaround following the announcement that China will drop an anti-dumping probe into sorghum imports from the US as part of the ongoing discussions to ease trade tensions.  Sorghum is a grain used as livestock feed and also to create ethanol and actually has more antioxidants as blueberries and pomegranates and the instigation by China of 178.6% tariffs had effectively halted a trade worth an annual $1.1b.  This tariff was seen as detrimental to both sides and followed China’s consideration to slash the US trade deficit by up to $200b.  This does look more positive towards some sort of resolution but could increase soya prices.

The Argentinean soya harvest is back on track but the reducing crop caused by continued drought has contributed to the fall in currency with the peso hitting a record low value against the dollar.  In a bid to support the peso the government sold $408m of reserves and raised interest rates to 40% to try to put a halt to the selloff in currency.  The government has also been in discussion with the IMF requesting a high access standard arrangement for a reported support package of $30b.  The devaluation in currency should make prices cheaper to Europe which includes biodiesel which could continue the pressure on rape crushing.

Time to think about grain treatment

 
   
 
SOUTHERN PORT GUIDE PRICES
Please phone your local trading office for individual quotes
18/5/2018
May-Jul 18
Aug – Oct 18
Nov –Apr 19
May-Oct 19
Hipro Soya
357.00
 357.00
357.00
 
Price change since
18th May 2018
-9
-9
-7
 
Rapemeal
Ex South Coast
236/230
209.00
215.00
 
Price change since
18th  May 2018
-4/0
-1
+2
 
Soya Hulls
169.00
167.00
169.00
 
Price change since
18th May 2018
0
0
0
 
Sugar Beet
188.00
191/193
Asa 168
 
Price change since
18th May 2018
-1
0
+1
 
Maize Dist
POA
Asa 211.00
214.00
216.00
Price change since
18th May 2018
-
+1
+2
+1
Wheat Gluten
160.00
160 –Dec
 
 
Price change since
18th May 2018
0
0
 
 
Maize Gluten
POA
Asa 197
190.00
192.00
Price change since
18th May 2018
-
0
0
0
Whole Maize
176.00
179/180
Asa 177/178
Plus £10
Price change since
18th  May 2018
-1
 
+1/-1
ground
Rapemeal
Ex Erith
POA/213
Aug-Oct
191.00
199/203
 
Price change since
18th  May 2018
-/-3
-4
 
-2/-2
 
 
The information contained within this report is given in good faith and without liability.
Any opinions expressed are subject to change without notice.
 
 

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