EU Grains Mostly Higher As US Returns From Holiday

Posted by Nogger - a legend in his own mind at 08:55 | Categorized as

18/02/14 -- EU grains closed mostly higher, with Paris wheat hitting a one month high, although falling short of attempting to break through the EUR200/tonne barrier.

Mar 14 London wheat closed GBP1.25/tonne firmer at GBP153.75/tonne, whilst new crop Nov 14 was GBP1.35/tonne higher at GBP148.00/tonne. Mar 14 Paris wheat closed EUR0.75/tonne higher at EUR199.00/tonne, Mar 14 Paris corn was EUR0.25/tonne lower at EUR173.00/tonne, whilst May 14 Paris rapeseed was EUR1.00/tonne lower at EUR387.25/tonne.

US grain markets opened firmer after their extended weekend break, and Europe followed suit.

The Kazakhstan Stats Agency said that the country's 2013 grain crop was 18.2 MMT versus a previous estimate of 19.0 MMT. The Ag Ministry said that Kazakhstan will export 9.0 MMT of grains in 2013/14 versus 7.1 MMT a year previously.

The Ukraine Ministry said that overall 93% of their winter cropped area was in good to satisfactory condition. Some damage has been observed in the Poltava region, with losses of 15-23% in winter wheat due to low temperatures and the lack of a protective snow covering in January and early February, they said.

The Ministry also said that Ukraine had exported 23.2 MMT of grains to date, including 13.69 MMT of corn, 7.16 MMT of wheat and 2.13 MMT of barley. They've also exported 2.05 MMT of rapeseed and 0.87 MMT of soybeans, they added.

Jordan cancelled a tender for 100,000 MT of optional origin feed barley for July shipment.

The French Senate rushed through a stopgap legislative measure to prevent the planting of GM corn (which normally begins around a month from now) this spring.

The thus far mild winter means that French crops are generally in pretty good condition, despite some localised flooding, according to FranceAgriMer. They also see crop maturity as fairly advanced, with 87% of winter wheat at the early tillering stage versus 75% a year ago. Winter barley is 97% at the early tillering stage versus 90% this time last year.

Russia has only managed to pick up 610 TMT of grain for it's intervention fund (including a little over 142 TMT of feed barley) out of an original intention to but 5-6 MMT as the prices being offered by the government are too low.