EU Grains Mixed, With Germany Production Seen Little Changed With Previously
16/03/16 -- EU grains closed mixed, but mostly a touch higher.
At the finish, front month Mar 16 London wheat was up GBP0.65/tonne at GBP102.05/tonne, May 16 Paris wheat was EUR0.25/tonne easier at EUR157.00/tonne, Jun 16 corn was down EUR0.25/tonne to EUR154.75/tonne and May 16 rapeseed was EUR1.75/tonne higher at EUR356.50/tonne.
Th German Farm Cooperatives Association estimated grain production there this year little changed from 2015.
THey see wheat production down 1.7% at 26.1 MMT, and the barley harvest about 1.9% lower at 11.4 MMT.
Winter rapeseed production will rise 0.7% to 5.04 MMT, they said. Slightly lower wheat and corn output will be mostly offset by an anticipated 8.7% hike in corn yields, taking production up 12.2% to 4.5 MMY, they say.
Coceral recently also forecast the German wheat crop at 26.0 MMT, with barley at 11.5 MMT and corn output of 4.7 MMT, so these new numbers are pretty similar to those.
In other news, Russia said that spring grain plantings were complete on 1.2% of the intended area (644k ha so far), significantly higher that 292k ha this time a yeat ago.
Ukraine said that they're all done on 431k ha of early spring grains, or 17% of the planned area compared with only 8% this time last year.
Egypt's GASC bought 240,000 MT of the 360,000 MT offered on their wheat tender, paying around $189/tonne including freight for two cargoes of French and on each of Romanian and Ukraine wheat.
They move does not however appeared to have clarified their stance on ergot, payment and other issues - hence the relatively low volume of cargoes put up for offer.