Review of the week
CORN
Sep CBOT corn gained 56 3/4c on the week on ideas that the US crop will ultimately come in lower than the recent USDA figure of 12.288 billion bushels. Results of the recent Pro Farmer crop tour released Friday appear to confirm this.
SOYBEANS
Sep CBOT soybeans closed the week $1.09 1/2 firmer as the US weather outlook turned drier prompting ideas that the USDA Aug 12 crop production estimates may have been overstated. US growers may harvest 2.93 billion bushels of soybeans, 1.4 percent less than the government estimate of 2.973 billion, Pro Farmer said in a statement Friday.
US WHEAT
Sep CBOT wheat closed 41 1/4c higher on the week on strong world demand for milling quality grain.
UK FEED WHEAT
Nov London feed wheat closed the week where it started it at £125.50/tonne. Quality uncertainties still linger for UK wheat but the longer the harvest drags on the more likely it becomes that a larger percentage of UK wheat will not make milling grade and be only fit for feed.
EU MILLING WHEAT
November Paris-based milling wheat closed the week EUR5.25 firmer at EUR194.75/tonne following the lead from the US and ideas that much of the remaining crop still to be cut in northern Europe will only now make feed grade.
EU RAPESEED
Nearby Nov rapeseed closed EUR18.30 higher on the week at EUR402.50/tonne supported by crude oil and the rally in soy complex. Significantly larger 2008 supplies in the EU, Canada and the Ukraine may well cap any rallies. UK farmers seem more interested in cracking on with the harvest than selling at the moment but that could change if we get a decent week weather-wise in the week ahead.
EU CORN
Nov corn closed the week with a modest gain of EUR4.25 at EUR179.25/tonne supported by firmer US prices but conscious of increasing EU feed wheat supplies.
CRUDE OIL
October crude closed a volatile week just 65c firmer overall after rallying over $6/barrel Thursday only to lose all those gains Friday with a similar drop. The Baku-Tbilisi-Ceyhan pipeline, which moves oil from Azerbaijan through Georgia to Turkey's Mediterranean coast, resumed normal flows Friday after a fire had earlier shut it for best part of a month,
STERLING
The pound closed the week with a 1.38 cents drop against the dollar. The pound has now declined for a fifth straight week against the dollar, the longest losing streak since February 2006. Gross domestic product was unchanged from the first quarter, the Office for National Statistics said, compared with a previous estimate for growth of 0.2 percent. The report adds to pressure on the Bank of England to set aside concerns about inflation and cut its benchmark interest rate before the end of the year.
Sep CBOT corn gained 56 3/4c on the week on ideas that the US crop will ultimately come in lower than the recent USDA figure of 12.288 billion bushels. Results of the recent Pro Farmer crop tour released Friday appear to confirm this.
SOYBEANS
Sep CBOT soybeans closed the week $1.09 1/2 firmer as the US weather outlook turned drier prompting ideas that the USDA Aug 12 crop production estimates may have been overstated. US growers may harvest 2.93 billion bushels of soybeans, 1.4 percent less than the government estimate of 2.973 billion, Pro Farmer said in a statement Friday.
US WHEAT
Sep CBOT wheat closed 41 1/4c higher on the week on strong world demand for milling quality grain.
UK FEED WHEAT
Nov London feed wheat closed the week where it started it at £125.50/tonne. Quality uncertainties still linger for UK wheat but the longer the harvest drags on the more likely it becomes that a larger percentage of UK wheat will not make milling grade and be only fit for feed.
EU MILLING WHEAT
November Paris-based milling wheat closed the week EUR5.25 firmer at EUR194.75/tonne following the lead from the US and ideas that much of the remaining crop still to be cut in northern Europe will only now make feed grade.
EU RAPESEED
Nearby Nov rapeseed closed EUR18.30 higher on the week at EUR402.50/tonne supported by crude oil and the rally in soy complex. Significantly larger 2008 supplies in the EU, Canada and the Ukraine may well cap any rallies. UK farmers seem more interested in cracking on with the harvest than selling at the moment but that could change if we get a decent week weather-wise in the week ahead.
EU CORN
Nov corn closed the week with a modest gain of EUR4.25 at EUR179.25/tonne supported by firmer US prices but conscious of increasing EU feed wheat supplies.
CRUDE OIL
October crude closed a volatile week just 65c firmer overall after rallying over $6/barrel Thursday only to lose all those gains Friday with a similar drop. The Baku-Tbilisi-Ceyhan pipeline, which moves oil from Azerbaijan through Georgia to Turkey's Mediterranean coast, resumed normal flows Friday after a fire had earlier shut it for best part of a month,
STERLING
The pound closed the week with a 1.38 cents drop against the dollar. The pound has now declined for a fifth straight week against the dollar, the longest losing streak since February 2006. Gross domestic product was unchanged from the first quarter, the Office for National Statistics said, compared with a previous estimate for growth of 0.2 percent. The report adds to pressure on the Bank of England to set aside concerns about inflation and cut its benchmark interest rate before the end of the year.
