News Snippets
07/06/11 -- China says that the winter wheat harvest there is 35% complete, and you'll never guess what, that's right - they expect increased output in all the major growing regions. Again.
It continues to piddle it down in Paris - 38mm in the past 24 hours to 09:45 London time.
Nov11 London wheat is GBP4.50/tonne lower in early trade, with Paris wheat down EUR3.50-4.75/tonne. Nov London wheat has fallen GBP12.00/tonne, or 6%, since the lifting of the Russian export embargo. Nov Paris wheat has declined by EUR23.25/tonne, or 9.3%, and Dec CBOT wheat by almost 70c, or 7.6% (incl the overnight market), in the same time frame. That suggests that London is still a little overpriced relative to the rest of the wheat market.
Joachim, my German correspondent, says that he expects the barley harvest in his region of Rhineland to start at the end of June, which is very early he says. He estimates this year's winter wheat yields at around 7.5 MT/ha, with OSR yielding 3.2-3.8 MT/ha. That wheat yield estimate is in line with last year, although the rapeseed estimate is well below last season's 3.9 MT/ha average.
The FAO peg world wheat production in 2011 at 674 MMT, some 4.5 MMT higher than the USDA estimate. EU-27 output this year will be 137 MMT. World 2011/12 ending stocks will be 183 MMT, 2 MMT more than last month's USDA estimate, they say.
Humberside Police, under pressure to cut their budget, ended up forking out GBP110,00 it hadn't expected in overtime costs to police the construction workers protest at Vivergo, according to the Yorkshire Post.
Ukraine will produce 45-46 MMT of grains in 2011/12 and export 20-21 MMT, according to the Agrarian Confederation there. Exports in 2010/11 are expected to be in the region of 12.0-12.5 MMT.
