Fairly dull yesterday as US markets were closed. MATIF and London Wheat were both down, catching up on the selloff of Friday, closing respectively down -€1.25 and -£0.15.

 

Night session is still lower on Wheat, -3.25 cents in Chicago, -5.25 cents in Kansas and a couple of ticks sideways in Minneapolis. Soybeans are opening strong, +4.25 cents, and Corn is stuck in the middle, on the upside, with +1.25 cent. MATIF has opened lower, -€0.75, London Feed still to trade but it should follow the same inexorable weak pattern.

 

But GASC is back to provide a bit of entertainment, hoping the prices will be lower compared to previous tender following USDA WASDE sell off, and market being down this morning, they are surely hoping for better pricing. However, stronger Rouble may enter in the equation (I will be again and again a Russian game) and much lower prices are tough to imagine. USDRUB is down -2.13% since the beginning of the year, and -0.78% since last tender. They bought yesterday 13,200T of soybean oil and passed on the sunflower oil. Jordan silos company is seeking for 50,000T of wheat. Finally, Japan is seeking 91,733T of US, Canadian and Australian food wheat.

 

UK CPI was released as expected, to +3.00%, it was +3.10% the month before, still higher that what the Bank of England wants to see and another hike is still a realistic option in Q1 or Q2 2018. But Brexit will get closer and this might enter in the equation. EURUSD is trading back down, below 1.2250, GBPUSD also down, around 1.3775 while GBPEUR cross rate is trading just above 1.1250.

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