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1st April Market Report


£ / €

£ / $

$ / €

1.1679

1.3108

1.1220

Date

Price

Weekly Change

London Wheat

May 19

£ 163.50

£ -0.85

Date

Price

Weekly Change

MATIF Wheat

May 19

€ 186

€ -3.50

Date

Price

Weekly Change

MATIF OSR

May 19

€ 358.25

€ -0.75

*This data was correct at time of publish.


At least 1 million acres (405,000 hectares) of U.S. farmland were flooded after the "bomb cyclone" storm left wide swaths of nine major grain producing states under water this month.

Farms from the Dakotas to Missouri and beyond have been under water for a week or more, possibly impeding planting and damaging soil. The floods, which came just weeks before planting season starts in the Midwest, will likely reduce corn, wheat and soy production this year.

The USDA report released on Friday and it was US corn that was of particular interest. Corn plantings and stocks were way above trade estimates. Soybeans plantings were below trade estimates and stocks came in close to expected. Wheat stocks were a fair bit higher than estimates but plantings came in as expected. The report was bearish wheat and very bearish corn.

USDA estimated US 2019 corn acres near 92.8 mil versus 91.3 expected and 89.1 last year. Some feel this is part of a normal crop rotation. This does not included losses due to recent flooding. USDA estimated US 2019 soybean acres near 84.6 mil versus 89.2 expected and 89.2 last year. USDA estimated US 2019 wheat acres near 45.7 mil versus 46.9 expected and 47.8 last year. US farmers are expected to plant the lowest wheat acres in 110 years.

U.S. exporters sold 828,000 tonnes of soybeans to China, the U.S. Agriculture Department said on Monday, the second sale announced since the two countries concluded their latest round of negotiations last week to end their trade war.

The USDA, in its daily reporting system, said that private exporters indicated the deal was for the 2018/19 marketing year, which ends on Aug. 31.

China has stepped up its purchases of U.S. soybeans during negotiations to end the trade war between the two countries but the amount purchased remained well below typical levels. The U.S. soybean stockpile has ballooned to record levels during the dispute.

Parliament will again try to take control of Britain's departure from the European Union on Monday, with some lawmakers hoping to force Prime Minister Theresa May to drop her Brexit strategy and pursue close economic ties with the bloc.

May's deal, which has been defeated by lawmakers three times even after she promised to step down if it passed, was further dented when her own parliamentary enforcer said a softer Brexit was inevitable after she lost her majority in a 2017 election.

Three days after the date on which Britain was originally due to leave the EU, it was still uncertain how, when or even if the United Kingdom would ever say goodbye to the bloc it first joined 46 years ago.

David, Rob and Jonni

David, Rob and Jonni

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