EU Grains Post Weekly Losses

Posted by Nogger - a legend in his own mind at 13:41 | Categorized as

W/e 03/02/17 -- EU grains closed the week with Mar 17 London wheat down GBP1.00/tonne from last Friday at GBP147.35/tonne, Mar 17 Paris wheat was down EUR0.25/tonne to EUR169.25/tonne, Mar 17 Paris corn was down EUR0.75/tonne at EUR170.50/tonne and May 17 Paris rapeseed ended the week EUR5.25/tonne lower at EUR412.75/tonne.

"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.