EU Grains Mixed, Egypt Snubs French Wheat

Posted by Nogger - a legend in his own mind at 08:43 | Categorized as

28/01/14 -- EU grains were mixed, with Mar 14 London wheat up GBP0.35/tonne at GBP152.85/tonne, whilst new crop Nov 14 was GBP0.25/tonne higher at GBP144.50/tonne. Mar 14 Paris wheat fell EUR1.50/tonne to EUR192.75/tonne, Mar 14 Paris corn was down EUR0.25/tonne at EUR173.25/tonne and Feb 14 Paris rapeseed was EUR2.50/tonne higher at EUR363.00/tonne.

French wheat fell as Egypt bought Russian and US wheat in it's latest tender.

GASC dropped the maximum moisture level it would accept from 13.5% to 13.0%, and there was only one offer of French wheat that was able to meet that criteria - and that was too expensive.

The trade is now pondering if the means that the Egyptian door is effectively closed to French wheat now for the rest of the season.

Egypt bought 180 TMT of Russian wheat and 60 TMT of US material, taking the total volume purchased in January to in excess of 1 MMT.

Ukraine said that it had exported 20.9 MMT of grains so far this season, an increase of 34% on last year, including nearly 7 MMT of wheat, over 2 MMT of barley and approaching 12 MMT of corn. They've also shipped 2.8 MMT of oilseeds so far this season, with rapeseed exports topping 2 MMT.

Snow and ice is now said to be affecting the movement of grains in Ukraine.

The second sharp blast of Arctic air is also causing logistical problems in the US as barge traffic slows.

Spain bought 110 TMT of US corn, the USDA announced today.

Algeria are tendering for wheat, with French origin the normal favourite.

Russia bought 18,900 MT of grains for it's intervention fund, taking the total purchased so far to 576,315 MT - far below the originally intended 5-6 MMT.