Grains Market Review Of The Week
EU and US grains markets set multi-month lows during the week as fears over the looming global economic recession grew.
CBOT SOYBEANS
Harvest pressure, an increased stocks figure from the USDA, sharply weaker crude and a slow down in exports all conspired to give soybeans a hammering throughout the week. A firmer opening Friday on hopes that the revised $700 billion dollar rescue package would aid demand gave way late in the session and beans closed in negative territory once again. On the week Nov beans lost 172c, or nearly 15 percent, to close at $9.92, the first time futures have dipped below $10/bushel in almost twelve months.
CBOT CORN
Harvest pressure, declining demand, weaker crude and the continued exit of spec money all featured to drive corn sharply lower. Dec corn lost 89c, or over 16% on the week to close at $4.54/bushel. Spot corn hasn't traded at these levels since the first week of 2008.
CBOT WHEAT
Wheat declined, although not as much as beans and corn, pressured lower by the general malaise in commodities as a whole. Export interest is better for wheat than the other grains at the moment, and the US have a quality advantage over some other major exporting nations. Dec wheat lost 75 3/4c or just over 10 percent on the week, to close at $6.40 1/4c, a level last seen for a spot month at the beginning of August 2007.
LONDON FEED WHEAT
November LIFFE wheat fell £4/tonne or around 4% on the week as futures continued to slide on a large crop, lack of quality and poor export interest. Prices for the spot month slipped below £100/tonne for the first time since the beginning of June 2007.
PARIS MILLING WHEAT
November closed the week at EUR160/tonne, EUR5.80/tonne lower, posting a loss of around 3.5 percent, on lack of export interest, large world crops and weighed down by falling global markets. The last time spot futures were sub-EUR160/tonne was June 2007.
PARIS RAPESEED
November closed the week with a loss of EUR18.20/tonne, or 5 percent. Sharply weaker crude oil and US soybeans pressured rapeseed throughout the week. Spot rapeseed is now levels last seen in Aug 2007.
PARIS CORN
November corn closed the week EUR10.70/tonne easier, or 7.3%, on harvest pressure, lack of demand and weaker US markets. Spot corn is now at it's lowest level since August 2006.
CBOT SOYBEANS
Harvest pressure, an increased stocks figure from the USDA, sharply weaker crude and a slow down in exports all conspired to give soybeans a hammering throughout the week. A firmer opening Friday on hopes that the revised $700 billion dollar rescue package would aid demand gave way late in the session and beans closed in negative territory once again. On the week Nov beans lost 172c, or nearly 15 percent, to close at $9.92, the first time futures have dipped below $10/bushel in almost twelve months.
CBOT CORN
Harvest pressure, declining demand, weaker crude and the continued exit of spec money all featured to drive corn sharply lower. Dec corn lost 89c, or over 16% on the week to close at $4.54/bushel. Spot corn hasn't traded at these levels since the first week of 2008.
CBOT WHEAT
Wheat declined, although not as much as beans and corn, pressured lower by the general malaise in commodities as a whole. Export interest is better for wheat than the other grains at the moment, and the US have a quality advantage over some other major exporting nations. Dec wheat lost 75 3/4c or just over 10 percent on the week, to close at $6.40 1/4c, a level last seen for a spot month at the beginning of August 2007.
LONDON FEED WHEAT
November LIFFE wheat fell £4/tonne or around 4% on the week as futures continued to slide on a large crop, lack of quality and poor export interest. Prices for the spot month slipped below £100/tonne for the first time since the beginning of June 2007.
PARIS MILLING WHEAT
November closed the week at EUR160/tonne, EUR5.80/tonne lower, posting a loss of around 3.5 percent, on lack of export interest, large world crops and weighed down by falling global markets. The last time spot futures were sub-EUR160/tonne was June 2007.
PARIS RAPESEED
November closed the week with a loss of EUR18.20/tonne, or 5 percent. Sharply weaker crude oil and US soybeans pressured rapeseed throughout the week. Spot rapeseed is now levels last seen in Aug 2007.
PARIS CORN
November corn closed the week EUR10.70/tonne easier, or 7.3%, on harvest pressure, lack of demand and weaker US markets. Spot corn is now at it's lowest level since August 2006.
