Market Commentary 16 Feb 2018
Wheat Commentary
16 Feb 2018
With little in the way of new fundamentals to trade, talk of drought in the US remained the main topic of the day, but it was not enough to halt futures falling off on a stronger dollar and profit taking.
Corn Commentary
16 Feb 2018
Despite the stronger dollar, corn prices managed to nudge up fractionally at the end of the week, with the front month March futures contract reaching $3.68/bu as of 18:00 London time.
Soy Commentary
19 Feb 2018
Daily market commentary and all US, South American and China price assessments are suspended due to a national holiday in the US. 
USD $/mt spot +/-
FOB W. Aus APW 10.5% 241.50 +1.00
FOB Russia 12.5% 204.00 +1.25
FOB Ukraine 10.5% 185.25 -1.50
CIF Tarragona 11% 199.00 -1.00
FOB Argentina 12% 181.50 +1.50
FOB US Gulf HRW 11% 225.25 +1.75
FOB US PNW SW 10% 207.00 -3.00
USD $/mt spot +/-
CIF Korea 200.00 0.00
FOB Ukraine 178.75 0.00
CIF NW Europe 198.75 0.00
FOB Argentina 175.75 -1.00
FOB Brazil 182.00 0.00
FOB US Gulf 169.25 +0.25
USD $/mt spot +/-
CIF China N/A N/A
CIF Netherlands N/A N/A
FOB Brazil N/A N/A
FOB Argentina N/A N/A
FOB US Gulf N/A N/A
Market Commentary 15 Feb 2018
Wheat Commentary
15 Feb 2018
Wheat markets rallied on both the exchange and cash market, as dollar weakness and talk of drought in the US persisted into Thursday despite little in the way of new fundamentals.
Corn Commentary
15 Feb 2018
Corn futures were left behind Thursday, as the front month March contract saw a very modest quarter cent move by 18:00 London time to hold at slightly above the $3.67/bu level.
Soy Commentary
15 Feb 2018
Soybean futures for delivery in March on the Chicago Board of Trade rose for the fourth straight day to hit a 10-week high on further fears that a write down of Argentina’s crop would choke soybean meal supply.
USD $/mt spot +/-
FOB W. Aus APW 10.5% 240.50 +1.75
FOB Russia 12.5% 202.75 +2.00
FOB Ukraine 10.5% 186.75 -1.00
CIF Tarragona 11% 200.00 -0.75
FOB Argentina 12% 180.00 -1.50
FOB US Gulf HRW 11% 223.50 +4.75
FOB US PNW SW 10% 210.00 +4.75
USD $/mt spot +/-
CIF Korea 200.00 +0.25
FOB Ukraine 178.75 +0.25
CIF NW Europe 198.75 +0.25
FOB Argentina 176.75 -0.50
FOB Brazil 182.00 0.00
FOB US Gulf 169.00 0.00
USD $/mt spot +/-
CIF China 434.00 +3.25
CIF Netherlands 416.00 0.00
FOB Brazil 400.50 +2.50
FOB Argentina 390.25 +6.00
FOB US Gulf 391.25 +2.25
Market Commentary 14 Feb 2018
Wheat Commentary
14 Feb 2018
A weaker dollar saw Black Sea cash markets higher, with Russian milling wheat breaching the $200/mt mark and continuing its recent rally.
Corn Commentary
14 Feb 2018
After Tuesday’s pause, the return of South America to business and the slight weakening of the US dollar rekindled some upward momentum as the front month corn contract reached 18:00 London time just above the $3.67/bu level.
Soy Commentary
14 Feb 2018
Soybean futures extended near 10-week highs during trade on Wednesday, but the threat of Argentinian rains later this week was offset by a weaker dollar and pushed futures 5 cents higher to $10.16/bu.
USD $/mt spot +/-
FOB W. Aus APW 10.5% 238.75 -1.00
FOB Russia 12.5% 200.75 +1.50
FOB Ukraine 10.5% 187.75 +1.00
CIF Tarragona 11% 200.75 +1.00
FOB Argentina 12% 181.50 -2.00
FOB US Gulf HRW 11% 218.75 +2.00
FOB US PNW SW 10% 205.25 -2.25
USD $/mt spot +/-
CIF Korea 199.75 +0.25
FOB Ukraine 178.50 +0.25
CIF NW Europe 198.50 +0.25
FOB Argentina 177.25 +1.25
FOB Brazil 182.00 +3.75
FOB US Gulf 169.00 +1.00
USD $/mt spot +/-
CIF China 430.75 +2.25
CIF Netherlands 416.00 +3.00
FOB Brazil 398.00 +12.25
FOB Argentina 384.25 +12.00
FOB US Gulf 389.00 +2.00
Market Commentary 13 Feb 2018
Wheat Commentary
13 Feb 2018
After Monday’s spike, US futures headed in different directions on lower volumes and a lack of new fundamentals, while on the Black Sea prices firmed as bidding interest returned in earnest.
Corn Commentary
13 Feb 2018
After a robust series of trading sessions, agriculture futures contracts saw some stability and only limited price movement Tuesday, leaving corn broadly unchanged on overnight levels with the front month March contract clinging, in the manner of a survivor, to $3.67/bu.
Soy Commentary
13 Feb 2018
Soybean futures rose for the second successive day to hit a nine-week high as concerns over persistent Argentinian weather prompted analysts to slash forecasts which pushed soymeal futures to an 18-month high.
USD $/mt spot +/-
FOB W. Aus APW 10.5% 239.75 +0.25
FOB Russia 12.5% 199.25 +4.00
FOB Ukraine 10.5% 186.75 +0.25
CIF Tarragona 11% 199.75 +0.25
FOB Argentina 12% N/A N/A
FOB US Gulf HRW 11% 216.75 +3.25
FOB US PNW SW 10% 207.50 -2.50
USD $/mt spot +/-
CIF Korea 199.50 0.00
FOB Ukraine 178.25 +1.00
CIF NW Europe 198.25 0.00
FOB Argentina N/A N/A
FOB Brazil N/A N/A
FOB US Gulf 168.00 0.00
USD $/mt spot +/-
CIF China 428.50 +4.75
CIF Netherlands 413.00 +3.00
FOB Brazil N/A N/A
FOB Argentina N/A N/A
FOB US Gulf 387.00 +4.25
Market Commentary 12 Feb 2018
Wheat Commentary
12 Feb 2018
US futures were back up Monday as fears of drought affecting crop conditions saw funds covering short positions and pushed Chicago prices to five-month highs.
Corn Commentary
12 Feb 2018
A supercharged soy complex fired corn and wheat futures contracts at the start of the wheat, as a 15-cent gain on CBOT soybean contracts could not help but drag grains in its wake.  
Soy Commentary
12 Feb 2018
Futures surged to a near two-week high in trade on Monday as wet weather failed to materialise in key growing areas of Argentina, which pushed up meal prices and beans followed.
USD $/mt spot +/-
FOB W. Aus APW 10.5% 239.50 +4.25
FOB Russia 12.5% 195.25 0.00
FOB Ukraine 10.5% 186.50 +1.00
CIF Tarragona 11% 199.50 +0.50
FOB Argentina 12% N/A N/A
FOB US Gulf HRW 11% 213.50 +1.00
FOB US PNW SW 10% 210.00 +4.00
USD $/mt spot +/-
CIF Korea 199.50 +0.50
FOB Ukraine 177.25 +0.25
CIF NW Europe 198.25 +0.25
FOB Argentina N/A N/A
FOB Brazil N/A N/A
FOB US Gulf 168.00 +2.00
USD $/mt spot +/-
CIF China 423.75 +3.50
CIF Netherlands 410.00 +3.00
FOB Brazil N/A N/A
FOB Argentina N/A N/A
FOB US Gulf 382.75 +5.75
Market Commentary 9 Feb 2018
Wheat Commentary
9 Feb 2018
Wheat futures continued to be sold off Friday as a stronger dollar and a lower oil price dragged prices down, while in the cash market all eyes were on Egypt’s GASC which was back in the market for March wheat.
Corn Commentary
9 Feb 2018
Underlying values on the CBOT futures markets softened at the end of the week as corn, wheat and soybeans ended a tumultuous few days.
Soy Commentary
9 Feb 2018
Soybean futures for delivery next month were poised to end the day down 4 cents but up 4 cents on the week, amid a stronger dollar, weaker oil prices and a bearish WASDE report.
USD $/mt spot +/-
FOB W. Aus APW 10.5% 235.25 -1.25
FOB Russia 12.5% 195.25 -1.25
FOB Ukraine 10.5% 185.50 -1.00
CIF Tarragona 11% 199.00 -1.00
FOB Argentina 12% 183.50 -0.50
FOB US Gulf HRW 11% 212.50 +1.25
FOB US PNW SW 10% 206.00 +1.00
USD $/mt spot +/-
CIF Korea 199.00 +0.50
FOB Ukraine 177.00 0.00
CIF NW Europe 198.00 0.00
FOB Argentina 176.00 -1.75
FOB Brazil 178.25 -1.25
FOB US Gulf 166.00 -0.50
USD $/mt spot +/-
CIF China 420.25 +0.25
CIF Netherlands 407.00 +2.00
FOB Brazil 385.75 -1.25
FOB Argentina 372.25 -1.00
FOB US Gulf 377.00 0.00
Market Commentary 8 Feb 2018
Wheat Commentary
8 Feb 2018
The market was in its traditional pre-WASDE holding pattern for much of Thursday, but a bearish release pushed futures down and undid a chunk of the past two sessions’ gains.
Corn Commentary
8 Feb 2018
Corn futures prices took off in the immediate aftermath of the release of the February WASDE, with 2 cents added to the front month contract.
Soy Commentary
8 Feb 2018
Futures and cash prices were relatively stable on Thursday on a price-neutral WASDE day, as Brazil basis bids firmed a nudge on a weaker real and US basis bids were steady.
USD $/mt spot +/-
FOB W. Aus APW 10.5% 236.50 0.00
FOB Russia 12.5% 196.50 +0.75
FOB Ukraine 10.5% 186.50 0.00
CIF Tarragona 11% 200.00 0.00
FOB Argentina 12% 184.00 0.00
FOB US Gulf HRW 11% 211.25 -5.50
FOB US PNW SW 10% 205.00 -6.25
USD $/mt spot +/-
CIF Korea 198.50 +0.75
FOB Ukraine 177.00 +1.25
CIF NW Europe 198.00 +1.25
FOB Argentina 177.75 +1.50
FOB Brazil 179.50 +1.75
FOB US Gulf 166.50 -0.75
USD $/mt spot +/-
CIF China 420.00 0.00
CIF Netherlands 405.00 +0.50
FOB Brazil 387.00 0.00
FOB Argentina 373.25 -1.25
FOB US Gulf 377.00 -0.75