No Fireworks For EU Wheat

Posted by Nogger - a legend in his own mind at 08:15 | Categorized as

05/11/13 -- EU grains closed mixed, but mostly a little lower, with very little in the way of fireworks - we're probably going to have to wait until Friday for those.

The session ended with Nov 13 London wheat down GBP0.90/tonne to GBP163.85/tonne, Nov 13 Paris wheat EUR2.50/tonne weaker at EUR202.00/tonne, Nov 13 Paris corn EUR1.25/tonne lower at EUR162.00/tonne and Feb 14 Paris rapeseed up EUR3.00/tonne at EUR376.00/tonne.

Iran is seeking 300-400,000 MT of milling wheat of optional origin. They said that they expect to import 7.5 MMT of wheat this season, far more than the USDA's current estimate of 4.5 MMT.

Jordan seeks 100 TMT of milling wheat and 100 TMT of feed barley, both of optional origin. Other than those the tender line-up is a bit thin on wheat.

Ukraine said that it hopes to export a record 3.5 MMT of grains in November, beating the 3.42 MMT shipped last month.

The impending record Ukraine corn harvest is now past two thirds done.

The Russian stats office said Russia exported 11.177 MMT of grain between July – Nov 1st, up only a fairly modest 8.5% from a year ago. Russia’s Ag Ministry estimated full season grain exports at 18-20 MMT versus 15.69 MMT in 2012/13.

US wheat futures were down sharply on ideas that export demand is waning, and that the recent rally has been overdone, especially given dollar strength in the past few days.

More sideways and directionless trade might be likely ahead of Friday's WASDE report from the USDA.