- Egypt announce they have enough strategic wheat reserves to last them 4 months following a purchase of 530KT of wheat by GASC from:
- Russia – 235KT
- Romania – 120KT
- France – 120KT
- Ukraine – 60KT
- News of Egypts purchase was supportive for EU wheat and helped push Euronext wheat to 7 month highs and above recent resistance levels (May-17).
- LIFFE wheat followed Euronext and US wheat higher and also was supported by a weaker sterling today.
- According to government sources, India could reintroduce a 25% tax on wheat imports by mid March – The tax was lowered to 10% in September.
- January soybean crush in the US was estimated at 169.3Mbu.
- Thousands of soybean trucks are currently stranded in wet conditions on Highways in Brazil as harvest is expected to reach 80% in Matto Grosso by Friday.
- Yesterday comments from President Trump regarding the US biodiesel policy had follow through support for oilseeds during today’s session.
- Crude oil settled slightly lower today as the dollar was supported by speculation over interest rate hikes.
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