EU Grains Close

Posted by Nogger - a legend in his own mind at 19:02 | Categorized as

06/05/11 -- EU grains closed mixed with May London wheat down GBP5.00/tonne to GBP198.00/tonne and with new crop Nov rising GBP1.15/tonne to GBP168.75/tonne. May Paris wheat fell EUR4.25/tonne to EUR240.00/tonne whilst Nov rose EUR3.25/tonne to EUR212.75/tonne.

On the week as a whole the old crop/new crop spread narrowed with May London wheat falling GBP7.00/tonne whilst Nov was only down GBP0.90/tonne. May Paris wheat was EUR0.50/tonne lower and Nov was up EUR2.00/tonne.

Brussels issued soft wheat export licences for 305,000 MT this week, bringing the marketing year to date total to 16.8 MMT, 12% up on this time a year ago. Barley exports are running at close to five times higher than last season at 4.2 MMT.

France Export Cereales say that the country's soft wheat exports to non-EU destinations will total 12.3 MMT this season, whilst still a record that's 0.7 MMT down on last month's estimate.

Whilst the UK finally has had some rain in the north and west, with the promise of at least something for most parts of the country by Monday, large parts of the continent remain dry.

Northern France has only had 50% of it's normal rainfall so far this year, with only 20% of normal falling in April.

In Ukraine spring grain plantings are well advanced at 5.9m ha as of May 5th, 78% of planned area. Even Russian sowings are starting to catch up at 4.7m ha sown as of May 4th, although there's still a long way to go to reach the planned 30 million mark.