EU Grains Close

Posted by Nogger - a legend in his own mind at 20:03 | Categorized as

06/04/11 -- EU grains closed with May London wheat up GBP2.00/tonne to GBP206.00/tonne and with new crop Nov climbing GBP0.30 to GBP171.35/tonne. May Paris wheat rose EUR0.25/tonne to EUR250.50/tonne and Nov was unchanged at EUR219.75/tonne.

There wasn't a lot of fresh news about today. US corn was off yesterday's record highs although not by much, and the US wheat crop remains in a very poor state.

India are expecting a record high wheat crop this year of around 82-84 MMT, according to various trade sources. China say that wheat conditions there are better than last year, although that doesn't really say much.

In Russia, slow to melt heavy snow in the northern areas, the Black Earth and Volga, has hampered farmers efforts to prepare fields for spring planting, say Martell Crop Projections.

Spring sowings may only muster around 15.5 million hectares compared to 17-18 million hectares normally, they add. That would leave Russia able to only play a bit part role on the world wheat export stage in 2011/12.

Closer to home German wheat is suffering. Winterkill issues, followed by a prolonged unseasonably dry spell in the first quarter of 2011, look set to cut wheat yields for the second year running unless soaking rains arrive soon. There are none in the 14-day forecast.