Commodity Updates

Prices displayed below are related to current Global Futures prices across numerous contract months. Please note that these prices are not a direct reflection on local UK prices. The charts provide a useful tool for gauging market movements and general market trends for their relevant commodity over the past 12 months.

London Wheat (£/t)

25 Jul 10:55

Nov '16127.75+1.70
Jan '17127.80sn/a
Mar '17128.85sn/a
May '17132.75+2.00
Jul '17132.30sn/a
Nov '17133.95sn/a

> Refresh

Chicago Soya Meal ($/st)

22 Jul 20:53

Aug '16346.7s-5.8
Sep '16345.8s-5.7
Oct '16343.1s-5.7
Dec '16341.7s-5.8
Jan '17337.8s-6.0
Mar '17332.7s-5.3

> Refresh

NYMEX Crude Oil ($/bl)

25 Jul 10:33

Sep '1643.85 -0.34
Oct '1644.53 -0.35
Nov '1645.24 -0.35
Dec '1645.92 -0.35
Jan '1746.58 -0.30
Feb '1747.32 -0.05

> Refresh

Currencies (£/$)

25 Jul 10:44

N/A 1.3156 0.0051

> Refresh

Chicago Soybeans (c/bu)

22 Jul 20:53

Aug '161006'4s-26'0
Sep '16998'6s-26'6
Nov '16988'2s-24'2
Jan '17989'2s-23'4
Mar '17982'2s-22'2
May '17978'2s-21'0

> Refresh

Chicago Wheat (c/bu)

22 Jul 20:53

Sep '16425'2s7'4
Dec '16450'2s9'0
Mar '17475'2s10'6
May '17487'2s10'2
Jul '17494'6s9'4
Sep '17506'4s9'2

> Refresh

Chicago Corn (c/bu)

22 Jul 20:53

Sep '16335'0s0'6
Dec '16341'6s1'0
Mar '17351'4s1'2
May '17357'0s1'0
Jul '17362'4s1'6
Sep '17367'0s1'6

> Refresh

Paris Rapeseed (€/t)

25 Jul 10:39

Aug '16360.50+2.75
Nov '16363.25+2.50
Feb '17362.75+2.50
May '17365.25+2.50
Aug '17352.50sn/a
Nov '17358.00sn/a

> Refresh

Please note that these prices are delayed by around 15 minutes.

Daily market commentary: EU

22/07/16 -- EU grains finished mostly higher on the day, with yet another wheat crop downgrade coming in from FranceAgriMer. The EU market continues to be pulled one way by the demise of the French crop, and another by likely bumper production from Ukraine and Russia again this year. The former won the day today.

The day ended with new front month Nov 16 London up GBP2.05/tonne at GBP126.05/tonne, Sep 16 Paris wheat was EUR7.00/tonne higher at EUR174.00/tonne, Aug corn was up EUR2.25/tonne at EUR171.50/tonne and Aug 16 rapeseed fell EUR6.25/tonne to EUR357.75/tonne.

For Paris wheat this was the highest front month close of 2016 so far following the news that ODA had downgraded their French wheat crop estimate this year by 3 MMT to 32 MMT. Production was almost 41 MMT a year ago, so we're looking at a near 22% decline, and the lowest output since 2007 here.

FranceAgriMer backed-up the downgrade by dropping it's estimate for the proportion of the crop rated good to very good by 7 percentage points to just 42% (76% a year ago). They said that harvesting of French wheat was 17% complete versus 7% last week and 53% this time last year.

The French winter barley crop was seen at 42% good to very good, down 2 points and well below 86% this time last year. Harvesting of that is 95% complete. Spring barley was put at 60% G/VG from 62% last week and 64% last year. Harvesting of that crop is 7% done versus 3% last week and 38% last year.

The French corn crop was seen unchanged at 69% G/VG (62% last year), and silking is at 13% (3% last week and 73% last year).

RusAgroTrans lowered their forecast for Russia's July grain exports from 2.5 MMT to 2.0 MMT. The revision is a result of reduced demand from Turkey and some trader/grower reluctance ahead of the anticipated removal of the export tax on wheat at the end of this month.

The Russian Ag Min say that this year's wheat harvest now stands at 28.1 MMT of 6.7 million ha. Yields are averaging 4.17 MT/ha versus 3.79 MT/ha a year ago. They've also harvested 3.6 MMT of barley.

Ukraine say that they've harvested 61% of the planned early grains area (or 5.88 million ha) for a crop of 21.34 MMT to date. Wheat accounts for 3.554 million ha (57% of plan) for a crop of 13.8 MMT so far. Barley adds another 6.83 MMT off 73% of plan.

They say that they've already exported 1.443 MMT of grains so far this new season, including 760,000 MT of barley, 297,000 MT of wheat and 386,000 MT of corn.

Daily market commentary: Chicago

22/07/16 -- Soycomplex: Beans closed sharply lower on the day and for the week. News that the Argentine truckers strike was over brought a bearish end to the week. The Argentine government were said to have increased their 2015/16 soybean production estimate from 58 MMT to 58.8 MMT as well (USDA: 56.5 MMT). Latest weather forecasts look a bit wetter. "The morning satellite image shows how very humid, unstable air ultimately reaches the Midwest, promoting instability and strong showers. The Southwest monsoon played a major role in fueling Midwest showers. Moist air from the Gulf of Mexico streams into the Southwest desert, then bends north into the Great Plains. The moist air air stream then turns east across the Midwest farm belt,W said Martell Crop Projections. Aug 16 Soybeans settled at $10.06 1/2, down 26 cents; Nov 16 Soybeans settled at $9.88 1/4, down 24 1/4 cents; Aug 16 Soybean Meal settled at $346.70, down $5.80; Aug 16 Soybean Oil settled at 30.21, down 85 points. For the week Aug 16 were beans were down 66 cents, with Aug 16 meal a $22.70 loser and Aug 16 oil dropping 68 points.

Corn: The market closed with small gains on the day but fair losses for the week. China was said to have sold the 453,203 MT of corn stocks they put up for auction. The Argentine Ag Ministry raised their estimate for 2015/16 corn production there from 37.9 MMT to 39.8 MMT (USDA: 28.0 MMT). They said that harvesting of that crop is 53% complete. FrancAgriMer pegged French corn crop conditions at 69% good to very good, unchanged on a week ago and 7 points better than this time last year. Rain makes grain! Or at least is makes corn in the case of France if not wheat. A wetter US weather outlook seems bearish. "More heavy rainfall is expected in the Midwest. Periods of strong showers would be fueled by the monsoon circulation. Moreover a storm track is expected to develop from west-to-east across the northern tier of the United States, carrying waves of showers into the northern Plains and Upper Midwest," said Martell Crop Projections. News of the Argentine truckers strike being over is also a bearish influence. Sep 16 Corn settled at $3.35, up 3/4 cent; Dec 16 Corn settled at $3.41 3/4, up 1 cent. Sep 16 fell 17 1/4 cents compared with last Friday.

Wheat: The wheat market followed French markets higher. FranceAgriMer cut another 7 points off French wheat good to very good today, making for a 37 point decline in the last 3 weeks alone. The French crop was rated 76% G/VG this time a year ago. Paris wheat futures put in their highest close of 2016 tonight. French analysts ODA cut 3 MMT off their previous production estimate, pegging the crop at a 9-year low of 32 MMT. Harvesting of French wheat is only 17% done compared to 53% a year ago and there are fears than things could get worse yet as the harvest progresses. Jordan are in for 100,000 MT of optional origin hard wheat. The Argentine Ag Ministry cut their forecast for 2016/17 wheat plantings there from 5.34 million ha to 5.25 million. Russian wheat production could reach 68 MMT this year say IKAR (USDA: 65 MMT). They've harvested 28.1 MMT so far, say the Ag Ministry. RusAgroTrans said that grain exports in July might be lower than expected due to reduced Turkish interest and as traders sit on their hands awaiting the anticipated removal of the export tax on wheat. Sep 16 CBOT Wheat settled at $4.25 1/4, up 7 1/2 cents; Sep 16 KCBT Wheat settled at $4.19, up 11 1/2 cents; Dec 16 MGEX Wheat settled at $5.11, up 8 3/4 cents. Chicago wheat was up 1/2 cents on the week, with Kansas wheat up 5 1/4 cents and Minneapolis falling 1 cent.