EU Grains Close

Posted by Nogger - a legend in his own mind at 08:10 | Categorized as

25/07/11 -- EU grains finished mostly lower with Nov London wheat down GBP0.80/tonne to GBP160.20/tonne and with May falling GBP0.85/tonne to GBP166.66/tonne. Nov Paris wheat was down EU1.75/tonne to EUR191.25/tonne whilst May12 declined EUR1.75/tonne to EUR196.50/tonne.

EU wheat continues to grind lower on lack of demand and generally better than expected yields. It still has a long way to go however to reach the levels coming out of the Black Sea,

Stunningly impressive yields are also being reported amongst the early rapeseed harvest, which saw the Nov Paris contract fall EUR10.50/tonne today to EUR424.25/tonne.

Weekend weather in the US provided a more widespread rain event for the Midwest than had been anticipated, with rainfall totals also generally higher than expected.

Producer selling remains light as prices decline and they busy themselves with the harvest, but some may have to bite the bullet sooner or later as Russia leads the market lower.

They've harvested 17 MMT of grains so far, with yields averaging 3.6 MT/ha, much better than a year ago.

The USDA report the American winter wheat harvest is 75% complete, spring wheat crop conditions improved slightly this week to 74% good/excellent.