EU Grains Close

29/07/11 -- EU grains finished with Nov London wheat down GBP1.35/tonne to GBP163.65/tonne and Nov Paris wheat EUR2.25/tonne lower at EUR197.75/tonne.

On the week overall wheat managed to post modest gains with Nov in London up GBP2.65/tonne and it's Paris counterpart up EUR4.75/tonne.

Egypt bought 240,000 MT of Russian wheat in it's tender today making that four clean sweeps in a row amounting to 660,000 MT since the lifting of the Russian export embargo at the turn of the month.

Today's purchases were made at around USD255.00/tonne FOB plus freight in the region of USD16.00/tonne. That's still a hefty saving on US and French wheat, although it's up USD10.00/tonne from the prices submitted by the Russians at the beginning of the month.

The stalled French harvest should regain some momentum over the weekend.

At home some very early wheat harvesting has been reported in East Anglia with Cordiale in coming in with proteins of 12.5-13.0, good hagbergs and excellent bushel weights in excess of 80kg/hl, according to my chums at Dalmark.

Rapeseed yields in the UK so far are widely reported as being very impressive with a final output of a record in the region of 2.5 MMT looking likely.