EU Grains Close

Posted by Nogger - a legend in his own mind at 19:05 | Categorized as

03/05/11 -- EU grains closed mixed with May London wheat up GBP1.00/tonne to GBP206.00/tonne and with new crop Nov rising GBP2.35/tonne to GBP172.00/tonne. May Paris wheat was up EUR1.75/tonne to EUR248.75/tonne whilst Nov fell EUR0.25/tonne to EUR213.75/tonne.

In Paris the old crop/new crop gap continues to widen, whilst London played catch up after two days of closures.

Rapeseed futures fell around EUR5.00/tonne, adding to recent losses. Reports that the European Commission may be set to question the viability of the EU biofuel industry via the complex issue of "indirect land use change" (ILUC) may have been to blame.

The Commission may announce moves to curb the least sustainable land-use for biofuels as early as July, according to media reports. That could render the European biofuel industry as it exists now as "no longer viable," say Copa-Cogeca.

The rules, regulations and mandates surrounding the biofuel industry in Europe in it's present form has morphed into an enormous house of cards, could it really be that one of the foundation cards is about to be removed?

Keep it under your hat, but a significantly wetter picture could be on the horizon for the UK by the weekend. Famed, but unstable, website Metcheck was giving decent rainfall chances for Saturday night here in North Yorkshire, followed by heavy (yes HEAVY) rain Sunday continuing into Monday morning before the site crashed earlier this afternoon. I can only assume that every farmer in the UK was attempting to get on there to see it for themselves?

The site is still down now as I type this report. Another weather website I frequent is giving above normal rain prospects for the UK, France and Germany in it's 6-10 day forecast. If such rains do materialise then they will be a God-send.