EU Grains Mixed, Fresh News Scarce

16/06/14 -- EU grains closed mixed with Jul 14 London wheat up GBP0.50/tonne at GBP139.25/tonne, and with new crop Nov 14 GBP0.45/tonne lower at GBP136.55tonne. Nov 14 Paris wheat rose EUR0.50/tonne to EUR187.75/tonne, Aug 14 Paris corn was EUR0.25/tonne firmer at EUR176.75/tonne and Aug 14 Paris rapeseed finished EUR1.00/tonne lower at EUR350.25/tonne.

Fresh news was relatively thin on the ground to start the week.

Iran were reported to have bought 55 TMT of Russian wheat in a tender, and Tunisia are in the market for 159 TMT of optional origin wheat for Jul/Sep shipment.

Australia's weather bureau kept their rating for the chances of an El Nino weather event occurring in the next few months at 70%, although the chances of a very strong El Nino were "perhaps reduced" they said.

The threat of an El Nino is keeping Australian farmers reluctant to commit to forward sales, with new crop wheat only 10% sold versus 30% normally at this time.

Despite the El Nino risk, the Australian Oilseeds Federation raised their estimate for the 2014 canola crop Down Under to 3.86 MMT versus the USDA's 3.1 MMT, saying that the crop had got off to "the best start in a generation".

Ukraine said that it's June 1st grain stocks were 6.7 MMT, up 9% on a year ago.

APK Inform said that Ukraine had shipped 214.3 TMT of grains via it's seaports last week, an increase of 78% on the previous week. That total included 72.4 TMT of wheat, 52.1 TMT of barley and 75.2 TMT of corn.

Recent rains in Russia are said to have alleviated some drought concerns, although more will be needed for spring planted crops at least. The winter barley harvest is already underway and they will begin cutting winter wheat within the week.