EU Wheat Close

November London wheat closed GBP1.65/tonne lower at GBP149.60/tonne, with November Paris wheat ending down EUR3.00 at EUR209.75/tonne.

Russia pooh-poohed some reports that they might need to import up to 5 MMT of grains in 2010/11, which was one of the main stories that drove wheat higher yesterday.

EU wheat exports, seven weeks into the marketing year currently stand at 1.82 MMT, down 21% from 2.3 MMT a year ago, according to customs data released today.

Stats Canada said that wheat production there this year will amount to 22.659 MMT. That's more than 2 MMT above the USDA's latest estimate.

It would seem that despite spring flooding, crop production there has fared reasonably well this year. They pegged the barley crop above trade estimates at 8.488 MMT, and the 2010 rapeseed crop at 10.867 MMT, also towards the upper end of trade expectations.

The HGCA say that the UK wheat harvest is "just over 25%" done, with winter barley 99% complete and spring barley almost 20% complete.

Wheat yields it says are "slightly below the UK 5 year average of 7.9 MT/ha" and winter barley yields are also below average. OSR yields however although "highly variable" are expected to be higher overall.