EU Grains Mostly Lower Heading Into USDA Report

Posted by Nogger - a legend in his own mind at 19:08 | Categorized as

31/03/14 -- EU grains traded mostly lower on the day, ahead of the release of the March planting intentions and quarterly stocks report from the USDA

The day ended with May 14 London wheat down GBP1.50/tonne at GBP165.75/tonne, and with new crop Nov 14 London wheat closing GBP1.60/tonne lower at GBP156.50/tonne. May 14 Paris wheat closed EUR2.00/tonne weaker at EUR207.75/tonne, Jun 14 Paris corn was up EUR0.75/tonne at EUR186.0/tonne, whilst May 14 Paris rapeseed slumped EUR5.25/tonne to close at EUR407.00/tonne.

It appears to be "business as usual" back in Ukraine. Farmers there have planted 2.263 million hectares of early spring grains, or 81% of plan, according to the Ministry of Agriculture. Growers in Ukraine have also just got started with corn plantings, they added.

APK Inform said that Ukraine had exported almost 675 TMT of grains (including 563 TMT of corn and 111 TMT of wheat) via it's seaports last week.

That's down on the previous week's total of almost 920 TMT, but still not a bad volume at all for this time of year.

Russia'a Ag Ministry said that they'd exported just over 1.5 MMT of grains so far this month (to Mar 26), including 920 TMT of wheat and 502 TMT of corn. The 2013/14 marketing year to date total is now 20.345 MMT, up 44% on a year ago, of which around 15 MMT is wheat, 3 MMT is corn and 2 MMT is barley.

RMI Analytics said that UK spring malting barley plantings are around 95% complete in East Anglia, and 70% done in Southeastern England, mostly into a good seed bed. In Scotland, the crop is around 30% planted nationally, with the Borders 40% done and the Aberdeenshire/Lothians area 15-20% done, they added.

Pakistan have begun their 2014 wheat harvest, and favourable weather conditions mean that they may bring in a crop in excess of the government's forecast 25 MMT, analysts say. Last year's crop was 23.8 MMT.

India's wheat harvest has been delayed by rain, and could be 10-14 days later than normal. The 14 day forecast is generally drier than normal.

Iraq are tendering for at least 50 TMT of US, Canadian, Australian, Ukraine or Russian wheat. Jordan are in for 150 TMT of optional origin feed barley.

Over to you, the USDA....