The day ended with Mar 17 London wheat up GBP1.05/tonne at GBP146.65/tonne, Mar 17 Paris wheat was down EUR4.25/tonne at EUR167.75/tonne, Jun 17 Paris corn was EUR1.50/tonne lower at EUR172.50/tonne and May 17 Paris rapeseed fell EUR2.75/tonne to EUR402.25/tonne.
For the week that places nearby London wheat GBP1.10/tonne higher, with Paris wheat down EUR6.25/tonne, corn EUR4.25/tonne firmer and rapeseed down EUR6.50/tonne.
A weaker sterling this week has supported London wheat, in addition to tightness in old crop supply.
"The vast majority of GB arable crops have come into the spring in good condition, according to the latest ADAS crop report. The relatively dry and mild conditions during the autumn and winter allowed pesticide applications to be made as planned and there are few weed, pest or disease issues to report at this stage in the season," said the HGCA.
They did however report a drop in overall winter plantings, including an English and Welsh wheat area decline of 5% to 1.612 million ha, along with a 2% fall in barley sowings and a 1% decrease in the area given over to winter OSR (to 538k ha).
Many pundits say that the actual sown area is even lower, especially for OSR where Origin Enterprises this week came up with a figure of only 500,000 ha for the UK as a whole, "a reduction of approximately 10% on last year," they said.
"Farmers have been deterred from sowing the oilseed by heavy losses in many areas to cabbage stem flea beetle, following the introduction of EU curbs on neonicotinoid insecticides," reported Agrimoney.
In other news, Brussels reported 235 TMT of soft wheat exports this past week, taking the season to date total to 16.5 MMT, down 13% on 19.05 MMT this time last year.
Cumulative EU barley exports so far this season stand at 3.2 MMT, down 59% from a year ago, whilst cumulative EU corn imports of 7.4 MMT are down 24%.
On the international stage, we can report a 720,000 MT hard wheat tender from Saudi Arabia.
A firmer sterling outlook, and the knowledge that UK feed wheat prices are already among the most expensive in the world, leans bearish for London wheat.
Paris wheat meanwhile remains in a sideways to modestly upwards trend helped by euro weakness which is fostering ideas that exports from other nations than France (such as Germany) will be more buoyant in the second half of the season than the market had been expecting.
EU soft wheat exports have certainly looked like they are slowing up this past couple of weeks though. Cumulative exports to date stand at 15.76 MMT, up by only around 81 TMT on a week ago, a net downturn of 11% from 17.642 MT at the same point in 2015/16. EU total all wheat exports for the full season are estimated by the USDA to decline 26.5%, so a second half downturn is certainly to be expected.
Trade attention is also starting to focus on 2017/18. According to the February issue of the JRC MARS crop monitoring bulletin for Europe, this winter is finishing with no major constraints to winter crops.
"Rain would be welcomed in large parts of southern Germany, southern Sweden, the Czech Republic and the Baltic countries, to restore soil water reserves and groundwater as spring approaches," they say.
"These regions have recorded a persistent rain deficit, with less than 10 mm of precipitation during the analysis period. Nevertheless, these dry conditions generally do not present an immediate concern for crops," they note.
"Frost-kill damage remains limited despite a persistent cold spell throughout January in central and eastern Europe, which has led to minimum temperatures of around -15°C, and reaching values below -20°C in many areas," they add.
Ukraine exported 28.65 MMT of grains in 2016/17 to February 22, report UkrAgroConsult. This volume included 13.33 MMT of wheat, 10.53 MMT of corn and 4.64 MMT of barley.
Egypt's GASC said that they'd signed an agreement to import 360,000 MT of Russian and Ukrainian wheat for Mar 21 - Apr 1 shipment. The cheapest Russian price reported was $196.50/tonne FOB versus $195.90 FOB for the Ukraine origin material.
The IGC were unchanged on their global 2016/17 wheat production forecast from a month ago at 752 MMT. They did however up corn output again, this time by 4 MMT to 1049 MMT.
"Conditions for 2017/18 winter crops in the northern hemisphere remained mostly favourable. Only a small fall in all-wheat harvested area is anticipated, but with a projected drop in average yields, the next world harvest is seen retreating by 2% y/y (year-on-year)," they added.
W/E 17/02/17 -- EU grains closed with Mar 17 London wheat down GBP1.10/tonne on the week at GBP146.70/tonne, Mar 17 Paris wheat was down EUR0.25/tonne versus last Friday at EUR171.50/tonne, Mar 17 Paris corn fell EUR1.75/tonne over the course of the week and Feb 17 Paris rapeseed was up EUR1.50/tonne.
The latest data from Brussels shows that the EU exported around 240,000 MT of soft wheat for the week ending February 15, pushing total exports for the 2016/17 marketing year to 15.54 MMT.
That's around 8% lower than the 16.84 MMT shipped out a year previously and a 14% down on 18.10 MMT the season prior to that.
At home, "there has been less than a £10/MT premium for full specification bread wheat over feed wheat since October. However, UK bread milling wheat prices are historically firmer, with average UK ex-farm prices two weeks ago hitting their highest level in 22 months," said the HGCA.
"The UK now has some of the most expensive feed wheat in the world. As part of the tighter UK wheat supply and demand picture that we already knew about this season, there has been continued strong demand for feed wheat for both bioethanol and animal feed," they added.
The latest customs data shows wheat imports into the UK reached a 15-month high in December of 174 TMT. Exports fell to 93 TMT the lowest monthly total since July 2015.
On a global level, Chicago wheat futures closed at their highest levels since last June on Wednesday following the USDA's move to cut its forecasts of US and global end-season stocks for wheat the previous week.
This has also triggered some short-covering among the spec community.
UkragoConsult estimated the 2016 Russian wheat crop at 67.0 MMT in clean weight (IKAR 67.5 MMT).
W/e 10/02/17 -- Soycomplex: Beans closed higher on the day and for the week. The market was buoyed Friday by the announcement of 140 TMT worth of US soybeans sold to unknown for 2016/17 shipment. In their latest WASDE report the USDA were unchanged on their outlook for Brazilian soybean production this year (104 MMT), but lowered Argentina by 1.5 MMT to 55.5 MMT. They also reported US soybean export commitments so far this season at 51 MMT, a 21% increase year-on-year. This is also only 4.8 MMT away from it's current forecast for full season exports of 55.8 MMT. In other news China reported that they'd imported 7.66 MMT of soybeans in January, 35% more than last year. In Brazil, IMEA reported the soybean harvest 45.8% complete in Mato Grosso, versus only 25.6% done at this time last year. Mar 17 Soybeans settled at $10.59, up 8 1/2 cents; May 17 Soybeans settled at $10.70, up 8 1/2 cents; Mar 17 Soybean Meal settled at $342.10, up $3.70; Mar 17 Soybean Oil settled at 34.61, down 06 points. Mar 17 beans were up 32 cents compared with last Friday.
Corn: The market closed higher on the day and versus last Friday. In Chicago the Mar 17 contract closed at the best levels on a front month since late June 2016. The USDA this week raised their estimate for the size of the global 2016/17 crop by more than 2 MMT to 1040 MMT. However they also upped consumption by 6 MMT and cut carryout by 2.5 MMT. Chinese corn usage was projected 4 MMT larger, mostly from increased feed usage. The USDA also reduced the size of this season's EU-28 corn crop, marking that down to 60.3 MMT, with ending stocks cut to 4.75 MMT, the lowest level since 2007. Record corn production for 2016/17 reflected larger crops in both Ukraine and Mexico more than offsetting lower production in the EU, they said. "Robust demand in both Iran and Vietnam support a higher volume of global exports. Moreover, a smaller barley crop in Iran boosts the demand for (other) imported feedstuffs," they added. Mar 17 Corn settled at $3.74 1/2, up 5 cents; May 17 Corn settled at $3.82, up 4 3/4 cents. For the week that puts Mar 17 corn up 9 1/4 cents.
Wheat: The wheat market closed higher, with Mar 17 CBOT Wheat settling at $4.49, up 5 1/2 cents; Mar 17 KCBT Wheat ending at $4.60 1/2, up 9 1/4 cents and Mar 17 MGEX Wheat finishing the day at $5.72 1/2, up 4 cents. For the week that puts nearby Chicago wheat up 18 3/4 cents, with the Kansas market 20 cents higher and Minneapolis up 14/14 cents. For Chicago wheat this was a more than 7-month closing high for a nearby contract. In their February WASDE report the USDA said that "prices for most wheat classes were up during the month of January, underpinned by 2017/18 US crop prospects as well as a weakening dollar." They also noted that "the growing gap between HRS and most other wheat classes is indicative of tight supplies of high-protein wheat in the global market." US 2016/17 wheat exports were raised 1.5 MMT to 27.5 MMT, whilst Russia's were lowered 0.5 MMT to 28.5 MMT. World ending stocks were lowered from 253.3 MMT to 248.6 MMT.
The day ended with Jan 17 London wheat up GBP0.40/tonne at GBP147.80/tonne, Mar 17 Paris wheat was unchanged at EUR171.75/tonne, Mar 17 Paris corn was up EUR0/.25/tonne at EUR173.00/tonne and May 17 Paris rapeseed rose EUR3.25/tonne to EUR421.75/tonne.
For the week that places nearby London wheat GBP0.45/tonne higher, with Paris wheat up EUR2.50/tonne, corn EUR1.50/tonne firmer and rapeseed up EUR9.00/tonne.
The USDA this week cut their estimate for the size of the 2016/17 global wheat crop by more than 4 MMT to 748.2 MMT and raised consumption by 0.5 MMT to 740.4 MMT. World ending stocks were lowered from 253.3 MMT to 248.6 MMT.
That helped Chicago wheat futures climb to more than 7 month highs, supporting the European market.
The USDA also reduced the size of this season's EU-28 corn crop, marking that down to 60.3 MMT, with ending stocks cut to 4.75 MMT, the lowest level since 2007.
Brussels reported 215 TMT worth of EU soft wheat exports this week, taking the cumulative total so far this season to 15.1 MMT, a 7% decline year-on-year
IKAR said that they expect 2017/18 Russian wheat production at 67.5 MMT, down from their estimate of 73.3 MMT for this season, but see exports holding steady at around 28 MMT.
UK prices remain expensive compared to the rest of the world, reflecting relatively tight availability in the face of strong demand from the biothethanol sector.
"Wheat used by the GB milling industry (including starch and bioethanol) over the first half of the season (Jul-Dec), totalled 3.65 MMT, according to latest data published by Defra...this is 10% higher than the same period last season and the highest amount of wheat milled at this point on records going back to 1997," noted the HGCA.
W/e 03/02/17 -- Soycomplex: Beans closed with Mar 17 Soybeans at $10.27, down 10 1/4 cents; May 17 Soybeans settled at $10.37 1/4, down 10 cents; Mar 17 Soybean Meal settled at $331.60, down $2.20; Mar 17 Soybean Oil settled at 33.86, down 73 points. For the week that puts Mar 17 beans down 31 3/4 cents, with Mar 17 meal down $11.40 and Mar 17 oil down 41 points. The harvest is moving on, and the crop seemingly getting larger in Brazil. Soybean harvest in the lead producing state of Mato Grosso is at 31% complete according to IMEA. FC Stone increased their soybean production estimate for Brazil to 104.1 MMT from 102.8 MMT. Informa Economics increased their forecast for 2016/17 Brazilian soyabean production by 1.5 MMT to 106.5 MMT.
Corn: Corn ended with Mar 17 Corn at $3.65 1/4, down 2 1/4 cents, and May 17 Corn settling at $3.72 3/4, down 2 1/4 cents. For the week that puts Mar 17 up 2 3/4 cents and May 17 up 3 cents. Mato Grosso’s second corn crop planting is currently at 27% completed vs. 11% last year. Argentina’s Buenos Aires Grain Exchange estimated their crop to be 99.3% planted, while production is estimated by Informa to be 35.2 MMT, down from the 36.0 MMT forecast previously. The EU Commission pegged EU corn ending stocks for 2016/17 at the lowest in 9 years. "At 9.9 MMT, the latest estimate is below the levels recorded in 2012/13 and is the result of two consecutive years with below average output, against robust demand," said the HGCA.
Wheat: Mar 17 CBOT Wheat settled at $4.30 1/4, down 4 1/4 cents; Mar 17 KCBT Wheat settled at $4.40 1/2, down 3 cents; Mar 17 MGEX Wheat settled at $5.58 1/4, down 2 3/4 cents. For the week that puts Chicago wheat 9 3/4 cents higher, with Kansas up 6 1/4 cents and Minneapolis down 1 3/4 cents. Managed money in Chicago continues to hold a significant short position, seemingly limiting downside. Positive factors for wheat include reduced winter wheat acres, dry extended forecast for the Plains, and the reduction of spring wheat acres by as much as 1.5 million acres (according to the University of North Dakota), said Water Street Solutions.
"UK old crop wheat market recorded marginal declines last week mainly driven by further currency volatility, while the domestic new crop market showed small increases on the week," said the HGCA.
"From a global perspective, US grain markets closed up on the week, driven by a combination of factors including strong bioethanol demand for maize," they added.
EU corn stocks for the end of the season, at 9.9 MMT, were pegged at the lowest in over nine years by the EU Commission, they noted. This is viewed as supportive for EU wheat prices.
Saudi Arabia bought 1.5 MMT of feed barley in a tender for shipment between March and May.
Strategie Grains cut their monthly estimate for 2017/18 EU rapeseed production by just over 0.5 MMT to 21.56 MMT due to severe cold weather, specifically citing damage to the crop in Eastern Europe.
Statistics Canada placed total wheat stocks there as at 31 December 2016 at 25.03 MMT, over 800 MT above the average trade expectation.
W/E 27/01/17 -- Soycomplex: Beans closed virtually unchanged on the day but lower for the week. The Buenos Aires Exchange put projected Argentine soybean production at 53.5 MMT versus 56 MMT a year ago and 57 MMT from the USDA currently. IMEA estimated the Mato Grosso soybean harvest in Brazil at 16.25% complete. Mar 17 Soybeans settled at $10.49 1/4, down 1/4 cent; May 17 Soybeans settled at $10.58 3/4, down 1/4 cent; Mar 17 Soybean Meal settled at $343.00, up $0.60; Mar 17 Soybean Oil settled at 34.27, down 20 points. Versus last Friday nearby beans are 18 1/4 cents lower.
Corn: The corn market closed a touch lower. The Buenos Aires Grain Exchange estimated Argentina corn planting at 98.3% complete. The market is starting to get worried about a trade was with Mexico. With President Trump insisting that Mexico will foot the bill for the controversial wall between the two nations - and Mexico insisting that it won't - it needs remembering that the latter take almost 25% of all US corn exports, a very significant volume. A timely start to the soybean harvest in Brazil suggests good early progress can be made with safrinha corn planting. Mar 17 Corn settled at $3.62 1/2, down 1 1/4 cents; May 17 Corn settled at $3.69 3/4, down 1 1/4 cents. Mar 17 corn was down 7 cents on the week.
Wheat: The wheat market closed lower. It's worth noting that near neighbour Mexico account for around 12% of US wheat exports. Analysts will be keeping an eye on Russian weather this weekend with a strong cold spell expected. EU wheat exports are running 7% lower year-on-year. Russia struck a clean sweep in the latest Egyptian tender, winning a 410,000 MT order. Japan’s Ag Ministry reported that 60,610 MT of US wheat were purchased in their weekly tender. Rusagrotrans predicted Russia's Feb wheat exports at similar levels to a year ago. Mar 17 CBOT Wheat settled at $4.20 1/2, down 6 1/2 cents; Mar 17 KCBT Wheat settled at $4.34 1/4, down 6 cents; Mar 17 MGEX Wheat settled at $5.60, down 6 3/4 cents. Mar 17 CBOT wheat was down 7 3/4 cents on the week.
W/E 27/01/17 -- EU grains closed narrowly mixed Friday with Jan 17 London wheat up GBP0.05/tonne at GBP148.35/tonne, Mar 17 Paris wheat down EUR0.50/tonne at EUR169.50/tonne, Mar 17 Paris corn unchanged at EUR171.25/tonne and Feb 17 Paris rapeseed up EUR0.50/tonne to EUR428.25/tonne.
For the week Jan 17 London wheat was up GBP0.60/tonne, Mar 17 Paris wheat was down EUR0.25/tonne, Mar 17 Paris corn rose EUR1.25/tonne and Feb 17 Paris rapeseed was up EUR3.25/tonne.
London wheat prices remain firm, despite a firmer sterling this week on robust UK growth. This "likely reflects the tightness in UK supplies compared to demand this season," say the HGCA.
EU soft wheat exports are now running at 13.9 MMT, down 1 MMT or 7% on a year ago, according to the latest figures from Brussels. The EU also awarded this week 83,596 MT of Ukrainian wheat imports under a special annual tariff-free quota deal.
EU barley exports total 2.5 MMT, whilst corn imports stand at 6.0 MMT.
Egypt's GASC bought 410,000 MT of Russian wheat in a tender.
Rusagrotrans forecast Russia's Feb grain exports at 2.3-2.4 MMT versus 2.75 MMT a year previously. Wheat exports will make up 1.70-1.85 MMT of that total, a similar volume to that of Feb 2016.
19/01/17 -- Soycomplex: Beans closed lower. A Farm Futures Magazine survey estimated 2017 US soybean spring plantings at 90.52 million acres, up a hefty 7.12m, or 8.5% versus 83.4 million acres in 2016. The Buenos Aries Grain Exchange cut their forecast for Argentine plantings this season to 19.2m hectares, a drop of 900,000 hectares year on year. The Rosario Exchange cut its forecast for output by 1.5 MMT to 52.9 MMT. Trade estimates for tomorrow's one day delayed weekly export sales report for beans are 400,000 to 750,000 MT. Mar 17 Soybeans settled at $10.70 1/4, down 4 3/4 cents; May 17 Soybeans settled at $10.78 1/2, down 5 1/4 cents; Mar 17 Soybean Meal settled at $348.20, down $2.90; Mar 17 Soybean Oil settled at 35.44, down 14 points.
Corn: The market closed around a cent higher. The USDA reported export sales of 110,400 MT of US corn for delivery to unknown destinations during the 2016/17 marketing year. Trade ideas for tomorrow's weekly export sales are pretty strong at 1.0 to 1.5 MMT. US weekly ethanol production data topped trade expectations at an impressive 1.054 billion barrels/day, setting another new weekly record volume. Ukraine think tank UNIAN forecast the country's 2016/17 corn exports rising to 20.9 MMT this season. Worries remain over the relationship between the US and China, especially vis-a-vis corn, ahead of the inauguration of President Trump tomorrow. Whilst Chinese US corn imports are only minimal, they have been a significant importer of US DDGs and ethanol in the last 12 months. The sudden imposition of anti-dumping import duties threatens to slash this business by half, or more. Mar 17 Corn settled at $3.66 1/4, up 1 1/4 cents; May 17 Corn settled at $3.73 1/4, up 1 cent.
Wheat: The wheat market closed mixed, with Kansas down the most, Minneapolis nudging higher, and Chicago in the middle. Trade forecasts for tomorrow's weekly export sales report are between 250,000-550,000 MT. Japan bought 117,605 MT of US/Canadian wheat in their regular weekly tender. Taiwan are in the market or 93,600 MT of what will probably turn out to be US milling wheat, Morocco are reported to have bought 363,636 MT of EU soft wheat in a tender. Jordan bought 50,000 MT of hard wheat. Egypt are tendering for wheat for Feb 22 - Mar 3 shipment, having bought a mixture of mainly Russian and Romanian wheat recently. Results of that are expected Friday afternoon. The Buenos Aries Grain Exchange estimated final wheat production in Argentina this year at 15 MMT, up 39% on a year ago largely due to increased plantings. Mar 17 CBOT Wheat settled at $4.23 1/2, down 7 1/2 cents; Mar 17 KCBT Wheat settled at $4.42 1/4, down 10 cents; Mar 17 MGEX Wheat settled at $5.76 1/2, up 3 cents.
The day ended with Jan 17 London wheat down GBP1.40/tonne at GBP147.00/tonne, Mar 17 Paris wheat was down EUR0.25/tonne at EUR169.50/tonne, Mar 17 Paris corn was unchanged at EUR169.50/tonne and Feb 17 Paris rapeseed rose EUR2.50/tonne to EUR420.75/tonne.
The latest customs data from Brussels shows EU soft wheat exports running 3% lower than year ago levels at 13.6 MMT. A continuation of this slowdown is expected in the second half of the season, with total final all wheat exports likely to be in the region of 25.5 MMT versus 35.7 MMT a year ago, for a drop of 28.6% say the USDA.
French analysts Strategie Grains forecast next season's EU 2017/18 soft wheat exports at 26.5 MMT in it's first forecast of the year, flagging a dent in production hopes after this month's cold snap, note Agrimoney. (The EU Commission have this season's soft wheat only exports at 23 MMT versus an average of 32.0 MMT/year in the three seasons to 2015/16).
"Strategie Grains also factored in an EU soft wheat harvest of 143.8 MMT this year, a downgrade of 1.2 MMT on the previous estimate. The downgraded figure still represents a sharp recovery, of 7.9 MMT, on the 2016 result," Agrimoney however note.
On the international tender front, Jordan bought 50,000 MT of hard wheat in a tender for 100,000 MT, and are tendering for 50,0000 MT of feed barley. Taiwan are in the market for 93,600 MT of what will probably turn out to be US milling wheat, Morocco are reported to have bought 363,636 MT of EU soft wheat in a tender.
Egypt's GASC are back in the market today tendering for wheat for Feb 22 - Mar 3 shipment, having bought a mixture of Russian and Romanian wheat recently. Results of that are expected Friday afternoon.
A Ukraine think tank (UNIAN) estimated 2016/17 grain exports at a record 43.7 MMT this season, including 20.9 MMT of corn 16.5 MMT of wheat and 5.3 MMT of barley. Last season's grain export record was 39.4 MMT.
18/01/17 -- Around midday London time Chicago grains trade with the soycomplex mostly lower, consolidating from yesterday's gains, with beans down 4-6 cents, meal $3-4 weaker and wheat and corn around unchanged.
News that Morocco bought almost 360 TMT of US soft wheat under a preferential tariff quota agreement was welcomed by the US wheat market yesterday. Weekly export inspections, whilst not exactly brilliant at 344,436 MT, were still more than 31% on the previous week. Weekly export inspections for beans were a respectable 1.4 MMT, which those for corn were 888 TMT.
Ahead of Friday's Trump inauguration, China recently raising its import tariffs on DDGs means that there has been talk of a similar import tariff move on ethanol, which is also mostly sourced from the US. China are of course desperately seeking ways to encourage the off take of their own domestic corn stockpile is any which way, shape or form.
There's talk of private estimates for Argentine soybean production coming in at only 51-53 MMT versus the current 57 MMT from the USDA, mostly due to unsown acreage due to flooding.
May 17 London wheat trades GBP0.50/tonne higher at GBP150.25/tonne, May 17 Paris wheat is down EUR0.25/tonne to EUR172.75/tonne, Mar 17 Paris corn is also down EUR0.25/tonne at EUR168.75/tonne and Feb 17 Paris rapeseed trades EUR1.00/tonne lower at EUR417.75/tonne.
London wheat is boosted once again by a lower sterling which trades at 1.23 against the US dollar and a little over 1.15 versus the euro.
Any possible damage to crops in eastern Europe, southern Russia and Ukraine due to the recent cold spell is being largely played down/ignored by the market for the time being.
Ukraine says that winter grains were sown on 7.2 million ha, and place emergence at 95% on 6.8 million ha of that. Of the emerged area 83% of the crops are said to be in in good/satisfactory condition and 17% weak/thinned.
Customs data shows Russian seaports exporting more than 456 TMT of grains last week, including 234 TMT of wheat.
Morocco are said to have bought a significant volume of US wheat under a preferential duty agreement between the two countries. They are now said to be tendering for EU wheat also.
12/01/17 -- Soycomplex: Jan 17 Soybeans settled at $10.32, up 29 cents; Mar 17 Soybeans settled at $10.40 1/4, up 28 3/4 cents; Jan 17 Soybean Meal settled at $324.20, up $13.50; Jan 17 Soybean Oil settled at 35.85, up 6 points.
Corn: Mar 17 Corn settled at $3.58 1/4, up 1 cent; May 17 Corn settled at $3.64 3/4, up 3/4 cent.
Wheat: Mar 17 CBOT Wheat settled at $4.26 1/4, up 7 1/2 cents; Mar 17 KCBT Wheat settled at $4.44 3/4, up 13 cents; Mar 17 MGEX Wheat settled at $5.74, up 12 1/2 cents.
12/01/17 -- EU grains closed mostly higher following the late release of the January WASDE numbers from the USDA.
At the close Jan 17 London wheat was up GBP1.50/tonne at GBP145.90/tonne, Mar 17 Paris wheat was EUR0.75/tonne higher at EUR169.75/tonne, Mar 17 Paris corn was down a euro at EUR167.50/tonne and Feb 17 Paris rapeseed was up EUR0.25/tonne to EUR414.50/tonne.
Trade was quiet awaiting the USDA data late in European trading hours.
That put the US HRW wheat area for the 2017 harvest 23.3 million acres, which is 12% lower than a year ago. All wheat acres were estimated at 32.38 million ha, down 3.75 million from last year and at the lower end of the range of trade forecasts. This is the second lowest winter wheat area on record, and the lowest since 1909.
Global wheat production, already at a record, was raised even higher this month mainly on larger crops in Argentina, the EU, and Russia.
Global trade was boosted to a new record with stronger import demand from several Asian countries and Brazil. Larger exports for Australia, Argentina, and the EU were partially offset by a decrease for Canada, they said.
EU 2016/17 production was increased 350 TMT to 144.32 MMT, and exports nudged 500 TMT higher to 25.5 MMT. This year's Russian crop was upped 500 TMT to 72.5 MMT.
World ending stocks for 2016/17 were increased 1.15 MMT to 253.3 MMT. Ending stocks-to-use ratio for 2016/17 is now projected at 34.2% versus 34.1% in December and 33.8% a year previously.
11/01/17 -- Soycomplex: Beans closed slightly lower heading into tomorrow's all important USDA report. Brazilian production estimates keep nudging higher. Celeres raised their estimate to 105 MMT. AgroConsult upped theirs from 102.6 MMT to 104.4 MMT. The Argentine Ag Ministry have production there at 56 MMT, although others are 1-2 MMT lower. It remains to be seen if tensions between the US and China due to the upcoming Trump administration will cause any trade disputes on beans. The US is of course a major supplier to China. Tomorrow will also bring the usual Thursday weekly export sales report, with these estimated at around 500,000 to 800,000 MT for beans. Jan 17 Soybeans settled at $10.03, down 2 1/2 cents; Mar 17 Soybeans settled at $10.11 1/2, down 2 1/4 cents; Jan 17 Soybean Meal settled at $310.70, down $2.70; Jan 17 Soybean Oil settled at 35.79, up 36 points.
Corn: The market closed around a cent or so easier. News that China is to impose an anti-dumping tax on US DDGs has the market uneasy. JCI estimates China's DDGs imports may drop 80-90% from the 6.8 MMT imported in 2015. Friendly was news from the US Energy Dept that weekly US ethanol production beat last week's record at 1,049 billion barrels/day last week. AgroConsult raised their view on Brazilian corn production this year from 92 MMT to 94.9 MMT. The Argentine Ag Ministry projected their 2016/17 corn crop would be 44.51 MMT. Trade estimates for tomorrow's weekly export sales report are in the region of 500,000-800,000 MT. Mar 17 Corn settled at $3.57 1/4, down 1 cent; May 17 Corn settled at $3.64, down 1 1/4 cents.
Wheat: The wheat market closed mostly lower heading into tomorrow's USDA report. Talk of much-needed rain for the southern plains this weekend leans bearish. CONAB estimated Brazil's wheat imports at 5.95 MMT versus 5.1 MMT a month ago. Argentina will be the main beneficiary of that. Forecasts for tomorrow's weekly export sales for wheat are only around 250,000-450,000 MT for 2016/17, with maybe another 50,000 MT of new crop. The trade will be keep to see what the USDA have to say with regards to US winter wheat plantings. The average trade guess is for all wheat plantings to have dropped 2 million to 34.1 million acres, but some estimates are as low as 31.7 million. Mar 17 CBOT Wheat settled at $4.18 3/4, down 8 cents; Mar 17 KCBT Wheat settled at $4.31 3/4, down 6 1/2 cents; Mar 17 MGEX Wheat settled at $5.61 1/4, up 1/4 cent.
The day ended with Jan 17 London wheat up GBP1.05/tonne at GBP144.40/tonne, Mar 17 Paris wheat was down EUR0.75/tonne at EUR169.00/tonne, Mar 17 Paris corn was down EUR0.50/tonne to EUR168.50/tonne and Feb 17 Paris rapeseed fell EUR0.25/tonne to EUR414.25/tonne.
The pound fell as low as 1.15 versus the euro, a level last seen two months ago. It was also down to 1.22 against the US dollar.
It's a big day for the grain markets tomorrow, with the USDA due to release their first world supply and demand numbers of the new year.
The figures could be unusually important for US winter wheat plantings. "Analysts expect this figure to show a drop of 2.0m acres year on year to 34.1m acres, the lowest since 1913, but with some ideas that the figure could be lower – substantially," said Agrimoney.
Closer to home, FranceAgriMer revised upwards their estimate for French soft wheat exports to non-EU destinations, up from 4.7 MMT to 4.8 MMT, but that's still massively below last season's 12.6 MMT figure.
Ending stock were cut to 2.365 MMT from the 2.683 MMT seen last month.
Turkey tendered for 230,000 MT of EU high quality milling wheat.
10/01/17 -- Soycomplex: Beans closed higher approaching Thursday's WASDE report from the USDA. Trade forecasts for Brazilian production are growing, but shrinking for Argentina. CONAB increased their view on Brazil by 1.33 MMT to 103.78 (USDA: 102). That figure is now up 8.3 MMT from last year. AgRural raises Brazil from 101.8 MMT to 103.1 MMT. Dr Cordonnier lowered Argentina 1 MMT to 55.0 MMT citing heavy rains. More heavy rain is in the forecast. The Malaysian Palm Oil Board reported December stockpiles of palm oil at 1.665 MMT versus 2.633 MMT last year. Jan 17 Soybeans settled at $10.05 1/2, up 9 cents; Mar 17 Soybeans settled at $10.13 3/4, up 8 1/2 cents; Jan 17 Soybean Meal settled at $313.40, up $3.60; Jan 17 Soybean Oil settled at 35.43, up 16 points.
Corn: Corn ended they day around a cent or two easier. The USDA reported 241,600 MT of US corn sold to unknown destinations, 91,300 MT for 2016/17 delivery, and 150,300 MT for 2017/18 delivery, under the daily reporting system. There was also 130,000 MT of old crop sold to Taiwan. CONAB raised its Brazil corn production forecast to 84.5 MMT (USDA: 86.5 MMT, last year 66.57 MMT.). Dr Cordonnier went for 86 MMT in his Brazilian estimate; Argentina was lowered 0.5 MMT to 34.5 MMT. The trade is looking for Thursday's US corn yield figure to come in anywhere between 173.4 to 176.1 bushels per acre versus the December USDA figure of 175.3 bu/acre. Mar 17 Corn settled at $3.58 1/4, down 1 3/4 cents; May 17 Corn settled at $3.65 1/4, down 1 3/4 cents.
Wheat: Wheat closed with little change. Japan are tendering for 162,777 MT of milling wheat from the US and Canada with the results expected Thursday. Low prices relative to other crops continue to put US wheat acres under pressure. The range of trade estimates for US winter wheat acreage in Thursday's report stretches from 31.7 to 36.38 million acres versus last year's 36.13 million acres. Record/near record yields are being reported out of Eastern Australia. China sold 375 TMT of the 2.67 MMT of wheat offered up for auction today. Severe cold weather in Ukraine could offer some threat to winter wheat already rated 17% weak/thinned. Mar 17 CBOT Wheat settled at $4.26 3/4, down 1/2 cent; Mar 17 KCBT Wheat settled at $4.38 1/4, down 1/4 cent; Mar 17 MGEX Wheat settled at $5.61 1/4, up 1 1/2 cents.
At the finish Jan 17 London wheat was down GBP0.80/tonne at GBP143.35/tonne, Mar 17 Paris wheat fell EUR1.25/tonne to EUR169.75/tonne, Mar 17 Paris corn ended EUR0.75/tonne lower at EUR169.00/tonne and Feb 17 Paris rapeseed closed EUR1.75/tonne higher at EUR415.50/tonne.
Ukraine said that it's 2016/17 grain exports had now surpassed 23 MMT, of which 11.5 MMT was wheat ,4.3 MMT barley and 7.1 MMT corn. According to their Ag Ministry exports this full season could total 40 MMT.
The Ukraine weather centre said that 83% of winter crops were in a good to satisfactory condition, and 17% weak/thinned. Current winter snow cover is adequate to protect the bulk of crops against the existing very low temperatures, they said.
Russia experienced a significant slowdown of export pace during December 2016 with 3.3 MMT of cereals shipped which is -0.7 MMT under the November volume or -0.8 MMT below December 2015, noted Agritel.
"More than weather conditions or festivities period, this slowdown is due to the decline of commodities on domestic market implied by the strength of the rouble," they commented.
09/01/17 -- Soycomplex: Beans settled higher, helped by strong weekly export inspections of 1.457 MMT. That was down 8.2% on last week, but more than 17% larger than the same period a year ago. The trade is positioning itself for a larger Brazilian, but lower Argentine crop than the USDA currently figures in the upcoming WASDE report. The trade expects the USDA to lower the Argentine bean crop 900 TMT to 56.1 MMT and raise Brazil 400 TMT to 102.4 MMT. A Bloomberg survey of analysts has the average guess for US soybean stocks as of December 1 at 2.953 billion bu, up 8.76% from a year earlier. Average US yields are estimated at 52.7 bu/ac and production at 4.37 billion bushels. Jan 17 Soybeans settled at $9.96 1/2, up 10 1/2 cents; Mar 17 Soybeans settled at $10.05 1/4, up 10 1/2 cents; Jan 17 Soybean Meal settled at $309.80, up $2.30; Jan 17 Soybean Oil settled at 35.27, up 50 points.
Corn: The market closed a couple of cents or so higher. Weekly export inspections of 876,562 MT were up 36% from the previous week and 59% larger than the same week a year ago. The USDA also reported an export sale of 112,500 MT of corn to for 2016/17 delivery to an unknown destination. The trade is anticipating A Brazilian corn production number of up 600 TMT to 87.1 MMT, with Argentina down 400 TMT from December to 36.1 MMT in the WASDE report. A Bloomberg survey of trade analysts has the average pre-report estimate for December 1 Corn Stocks in all positions at 12.323 billion bushels. Taiwan's MFG bought 65,000 MT of US/Brazilian/Argentine or South African corn for March/April shipment in a tender. Mar 17 Corn settled at $3.60, up 2 cents; May 17 Corn settled at $3.67, up 2 1/4 cents.
Wheat: Wheat finished firmer, helped by the USDA announcing a flash sale of 120,000 MT of HRS wheat for 2016/17 delivery to an unknown destination. Weekly export inspections of only 260,555 MT weren't impressive though. The trade is looking for US all wheat stocks to average 2.056 billion bu in the Quarterly Grain Stocks report due out on Thursday. Winter wheat plantings of only 34.139 million acres, down from 36.137 million last year and the lowest since 1970 lean supportive in the longer-term. Some are starting to fret over very cold temperatures in Southern Russia and Ukraine. Temperatures fell to -25 C near Moscow overnight. Mar 17 CBOT Wheat settled at $4.27 1/4, up 4 cents; Mar 17 KCBT Wheat settled at $4.38 1/2, up 5 cents; Mar 17 MGEX Wheat settled at $5.59 3/4, up 7 cents.
09/01/17 -- EU grains closed mixed but to start the week. London wheat got assistance from a wobbly pound. This was the best front month close on the continuous chart for London wheat since June 2014.
At the close Jan 17 London wheat was up GBP1.50/tonne at GBP144.15/tonne, Mar 17 Paris wheat was EUR0.25/tonne easier at EUR171.00/tonne, Mar 17 Paris corn was unchanged at EUR169.75/tonne and Feb 17 Paris rapeseed was down EUR2.50/tonne to EUR412.75/tonne.
APK Inform reported that Russia's grain exports for the two week period ending Jan 5 came in at almost 1 MMT, including 774.2 TMT of wheat, 179.9 TMT of corn and 30.9 TMT of barley.
Ukraine's exports in the same period were almost 1.5 MMT, including 491.2 TMT of wheat, 967.9 TMT of corn and 32.2 TMT of barley.
French soft wheat exports are down 33% Jul/Nov at 4.1 MMT. Nov exports of only 656 TMT marked the sixth straight month of decline for what is traditionally Europe's largest exporter.
FranceAgriMer currently forecast total French exports in 2016/17 down 47% at 10.1 MMT versus last last season.
Bangladesh's wheat imports surged 85% in the July 1-Dec 22nd period to 2.79 MMT. Imports for the whole of 2016/17 are currently estimated to rise 400 TT to 5.1 MMT, according to the latest data from the USDA.
06/012/17 -- Soycomplex: Beans closed sharply lower following weekly export sales of only 87,500 MT vs the expected 750 TMT to 1.2 MMT. Total reductions for unknown destinations in this report were nearly 900 TMT. FCStone increased their view by 700 TMT on Brazilian production to 102.8 MMT, but Informa cut Argentina 1 MMT to 55 MMT. There's talk that Brazil could increase their Jan soybean export program significantly due to better availability and easier access to ports/improved logistics. Jan 17 Soybeans settled at $9.86, down 17 1/2 cents; Mar 17 Soybeans settled at $9.94 3/4, down 17 3/4 cents; Jan 17 Soybean Meal settled at $307.50, down $6.90; Jan 17 Soybean Oil settled at 34.77, down 23 points.
Corn: The market closed around 3 cents lower. Weekly export sales came in at 429,246 MT, towards the low end of expectations, but this was for a holiday week so perhaps can be excused. The Buenos Aires Grain Exchange says corn plantings will be 4.9 million ha, unchanged from last week, and up 27% from last year. They have corn planting progress at 82.9% complete compared to 71.3% last week. Others are scaling back on their planting and hence production ideas due to wet weather/flooding. Informa cut their view on Argentine production, down slightly from the previous estimate of 36.5 MMT to 36.0 MMT. Mar 17 Corn settled at $3.58, down 3 1/4 cents; May 17 Corn settled at $3.64 3/4, down 2 3/4 cents.
Wheat: The wheat market closed mixed. The USDA announced the sale of 100,000 MT of hard red winter wheat for delivery to unknown destinations during the 2016/17 marketing year. That helped temper the news that weekly export sales of only 183,700 MT were below modest trade expectations of 200-500 TMT. Farm Futures magazine forecast US winter wheat seedings of 34.8 million acres, the lowest total since 1913 as the low price/profit outlook encourages switching to other crops. Informa forecast Argentine wheat production at 15 MMT, up from their previous estimate of 13 MMT. They have been flexing their muscles lately on the international export arena, and another 2 MMT will only make matters worse. Mar 17 CBOT Wheat settled at $4.23 1/4, down 3 cents; Mar 17 KCBT Wheat settled at $4.33 1/2, down 1 cent; Mar 17 MGEX Wheat settled at $5.52 3/4, up 2 1/2 cents.
The day ended with Jan 17 London wheat up GBP1.35/tonne at GBP142.65/tonne, Mar 17 Paris wheat was up EUR1.25/tonnr at EUR171.25/tonne, Mar 17 Paris corn was up EUR0.25/tonne to EUR169.25/tonne and Feb 17 Paris rapeseed fell EUR2.75/tonne to EUR415.25/tonne.
For the week that puts London wheat GBP3.75/tonne higher In Paris, wheat is up EUR3.25/tonne, corn is up EUR1.25/tonne and rapeseed has gained EUR6.25/tonne.
Brussels reported 140 TMT worth of EU soft wheat exports this past week. That takes the season to date total to 12.87 MMT. Cumulative barley exports stand at 2.1 MMT, and corn imports are 4.7 MMT.
A harsh cold snap gripping the Black Sea area is expected to last a few more days yet, and could cause some winterkill issues for wheat unprotected by an adequate snow coverage.
In the US, Farm Futures magazine indicates winter wheat seedings of only 34.8 million acres, the lowest total since 1913, as growers switch to other crops.
The FAO said that Russia will harvest 115 MMT of grains this season, up 13% versus last year. Production in Ukraine will rise 6% to 63 MMT, they added.
Or the over-consumerised wankfest as I prefer to call it. Mine was as predictably shit as you would expect Christmas on Chemo to be. Usually when I throw up on Christmas Day it's due to having consumed excessive amounts of alcohol on Christmas Eve. This year I just did it anyway so as not to feel left out.
I did manage two halves of lager over the festive period (not in succession you understand, who do you think I am Georgie Best, no on two separate occassions), but couldn't manage to finish either I am so lightweight these days.
Christmas Dinner? Well, I decided to plump for a nice bag of the same stuff I've been "eating" for the last 365 days, straight into the stomach, cutting out the middle man. And totally undelicious it was too, even with the aroma of the real thing whafting in from the kitchen.
New Year was a quiet affair, until the in-laws came round and decided to recreate the opening scenes from Saving Private Ryan in the kitchen by giving Knocker a biscuit nano-seconds before Chummy. Well that was it, I was bitten on the thumb trying to break the buggers up (the dogs not the in-laws) and ended up in A&E.
All of this, and the fact that my white and red blood cell count is low (well it would be wouldn't it given the shite-in-a-bag that they are forcing me to eat?) culminated in me having to have two blood transfusions, a thumb that's bandaged up so it's 3 times it's normal size (not before they scrubbed it out with iodine and a toothbrush) and I'm still being sick!
Who said 2017 could only get better?
05/01/17 -- Soycomplex: Beans closed a touch lower on the day. The Buenos Aires Grain Exchange lowered the estimated Argentine soybean planted area 300,000 ha to 19.6 million ha. Dr Cordonnier has expressed concern that not all soybean acres will be planted this year due to the rains and flooding. Production there could end up in the 53-55 MMT region rather than the 57 MMT currently predicted by the USDA some are suggesting. Everything looks rosy in Brazil though. One of Brazil’s largest farming groups (Grupo Bom Futuro) said that they expect their soybean yields to come in 10 percent above the previous season. Trade ideas on the Brazilian crop are said to be in the 103-105 MMT area versus the December WASDE forecast of 102 MMT. Trade ideas for tomorrow's weekly export sales report for beans are around 800 TMT to 1.2 MMT. Jan 17 Soybeans settled at $10.03 1/2, down 2 3/4 cents; Mar 17 Soybeans settled at $10.12 1/2, down 2 3/4 cents; Jan 17 Soybean Meal settled at $314.40, down $0.90; Jan 17 Soybean Oil settled at 35.00, up 2 points.
Corn: Corn closed around a cent or two higher. Weekly US ethanol production came out today, up 15k barrels to nearly 1.04m barrels per day. This was a new record high and the tenth consecutive week that production has been over 1 million barrels/day which was friendly for corn. Taiwan’s MFIG are said to have bought 65 TMT of corn believed to be of US origin for March/April shipment. Ukraine’s 2017 corn crop is estimated to be down 13%, or 3.5 MMT, to 23.5 MMT, according to UkrAgroConsult. Weekly US corn export sales are estimated at 650-850 TMT for tomorrow's report. In other news, a potential drier outlook for Brazil over the coming weeks could provide resistance to corn, as this dryness should allow safrinha corn in Brazil to go in 2-3 weeks early. This timing should allow maximum yield potential for this shorter season double crop corn, offsetting potential losses from excessive rain in Argentina, said Water Street Solutions. Mar 17 Corn settled at $3.61 1/4, up 1 1/2 cents; May 17 Corn settled at $3.67 1/2, up 1 3/4 cents.
Wheat: Wheat closed with fair gains. Algeria were said to have bought 475 TMT of mixed optional origin wheat, paying around $200/tonne C&F. Jordan, Japan, Morocco and Ethiopia are among others in the market tendering for wheat. Argentina’s wheat harvest is 94.9% complete according to the Buenos Aires Grain Exchange. In Ukraine, temperatures are reaching -20C with insufficient snow cover in some areas, a threat to winter wheat. "Wheat plantings in Ukraine as at 1 December are pegged at 6.1 million ha, up from 6.0 million at the same point last year – although this would still be a smaller winter wheat area than all other years at least back to 2008," say the HGCA. Ukraine wheat output in 2017 is expected to decline 3.5 MMT to 23.5 MMT, say UkrAgroConsult. Trade estimates for tomorrow's weekly export sales report for wheat are a modest 200-500 TMT. Mar 17 CBOT Wheat settled at $4.26 1/4, up 7 3/4 cents; Mar 17 KCBT Wheat settled at $4.34 1/2, up 8 cents; Mar 17 MGEX Wheat settled at $5.50 1/4, up 5 3/4 cents.
At the finish Jan 17 London wheat was up GBP1.40/tonne at GBP141.30/tonne, Mar 17 Paris wheat was up EUR0.25/tonne at EUR170.00/tonne, Mar 17 Paris corn ended unchanged at EUR169.50/tonne and Feb 17 Paris rapeseed closed EUR1.00/tonne lower at EUR418.00/tonne.
France reported a 29% drop in exports from the leading port of Rouen in the week ending January 4th, to 53 TMT. That week’s total included 23.45 TMT of soft wheat to Tunisia and 29.5 TMT to Yemen.
Algeria are said to have bought up to 475 TMT of optional origin soft wheat at a around $198-$202/MT C&F.
Russia said that their 2016/17 grain exports were down 3.7% at 19.73 MMT. That includes 15.44 MMT of wheat, 1.83 MMT of barley and 2,32 MMT of corn.
Ukraine’s 2017 corn crop is estimated to be down 13%, or 3.5 MMT, to 23.5 MMT, according to UkrAgroConsult.
04/01/17 -- Soycomplex: Beans settled with decent gains after trading at its lowest level since November 18 earlier in the day. Strong global demand is underpinned by a lack of rapeseed. China reportedly sold 97.9 TMT of the 98.5 TMT of state owned rapeseed oil up for auction today. The USDA attache raised their estimate for the Brazilian soy crop 1 MMT to 102 MMT. The USDA crush report released yesterday afternoon indicated November was at 170.7 million bushels compared to 176.0 in October. Jan 17 Soybeans settled at $10.06 1/4, up 19 1/2 cents; Mar 17 Soybeans settled at $10.15 1/4, up 20 1/4 cents; Jan 17 Soybean Meal settled at $315.30, up $7.00; Jan 17 Soybean Oil settled at 34.98, up 41 points.
Corn: The market finished with net gains of around 4 cents, the 4th consecutive day of positive trade. The weekly USDA Export Sales report is delayed a day because of the holiday shortened week. Taiwan is tendering 40,000-65,000 MT of optional origin corn, including US material. AGPM estimated the French corn crop at 12.3 MMT, significantly higher than FranceAgrimer’s 11.45 MMT figure. In Argentina, heavy rainfall is raising fears about that last sowing works, say Agritel. Farmers have sown about 85% of soybeans and 72% of corn, according to the Buenos Aires Exchange. Russia said that they'd exported 2.32 MMT of corn so far this year. Mar 17 Corn settled at $3.59 3/4, up 4 cents; May 17 Corn settled at $3.65 3/4, up 4 1/4 cents.
Wheat: Wheat finished with decent gains. That USDA has 44% of Kansas wheat rated good to excellent versus 52% at the end of November. Oklahoma is now only 25% G/E, down from 53% a month ago. This news will likely have prompted some short-covering, even if the trade is relatively relaxed about the global supply and demand situation. Ethiopia are tendering for 720,000 MT of wheat of optional origin. China’s imported wheat auction continues to see little interest, with less than 100 TMT of the offered near 1 MMT sold today. Russia said that they'd exported 15.45 MMT of wheat so far this season. Total grain exports are running nearly 4% lower year-on-year. Mar 17 CBOT Wheat settled at $4.18 1/2, up 12 cents; Mar 17 KCBT Wheat settled at $4.26 1/2, up 12 1/2 cents; Mar 17 MGEX Wheat settled at $5.44 1/2, up 7 cents.
04/01/17 -- EU grains closed mixed but mostly firmer on the day. Strength in Chicago soybeans supported rapeseed.
At the close Jan 17 London wheat was up GBP0.55/tonne at GBP139.90/tonne, Mar 17 Paris wheat was EUR0.50/tonne higher at EUR169.75/tonne, Jan 17 Paris corn was EUR0.50/tonne lower at EUR174.50/tonne and Feb 17 Paris rapeseed was up EUR4.25/tonne to EUR419.00/tonne.
Russian and Ukraine exports slowed up to virtual halt last week due to the holiday, with the former shipping out only 24.3 MMT and the latter 40.3 MMT, according to APK Inform Agency.
News out of Russia is scarce as many there observe the extended Russian Orthodox Christmas.
"Wheat plantings in Ukraine as at 1 December are pegged at 6.1 million ha, up from 6.0 million at the same point last year – although this would still be a smaller winter wheat area than all other years at least back to 2008," say the HGCA. Winter barley is pegged at 0.9 million ha, down from 1 million last year, making for also the smallest winter barley area since 2008, they add.
"Higher oilseed plantings, particularly winter OSR (up 0.2 million ha to 0.9 million ha), are driven by the increasingly favourable relationship of oilseed to grain. That's an increase of 28.5%, which is also likely due to that fact that plantings were hindered by a particularly dry late summer and autumn in 2015.
Ukraine wheat output in 2017 is expected to decline 3.5 MMT to 23.5 MMT, say UkrAgroConsult
AGPM estimated the French corn crop at 12.3 MMT, significantly higher than FranceAgrimer’s 11.45 MMT figure.