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.