EU Grains Close

Posted by Nogger - a legend in his own mind at 19:24 | Categorized as

01/08/11 -- EU grains finished with Nov London wheat down GBP0.15/tonne to GBP163.50/tonne and Nov Paris wheat EUR0.25/tonne lower at EUR197.50/tonne.

It was a yo-yo sort of a day with EU grains modestly higher early doors on the back of news that a deal of sorts had been reached in the US over the weekend to avoid a debt default.

As ever with these things the devil is in the detail and the bottom line, much like the state of play in Greece, doesn't really seem to be a resolution to the problem but more of a deferral.

It seems to me that these international credit crisis problems will continue to haunt us for some considerable time yet. It also looks possible that one day the entire pack of cards will collapse, maybe with as great a set of unthinkable repercussions as the sub-prime disaster, or even worse.

France Export Cereales say that the country will have a soft wheat crop of 32-33 MMT this year, little changed from last year's 32.7 MMT harvest.

Very early UK wheat harvesting results continue to look unbelievably promising with hagbergs, proteins and bushel weights much higher than expectations of a few months ago.

Ukraine will harvest 20 MMT of wheat this year, according to the APK Inform Agency - 2 MMT more than the USDA's latest estimate. They will also produce a corn crop of 16-18 MMT, they add, again an improvement on the USDA's prediction of 15.5 MMT.