EU Grains Mixed, But Show Decent Gains For The Week

03/10/14 -- EU grains closed mixed to end the week, but with decent gains versus last Friday.

The pound slumped under 1.60, to its worst level against the US dollar since November, falling below even the pre Scottish Referendum jitters low. That supported London wheat a little even if there is no shortage of global feed grain availability.

The day ended with Nov 14 London wheat up GBP0.50/tonne at GBP111.50/tonne, Nov 14 Paris wheat was up EUR0.50/tonne at EUR158.50/tonne, Nov 14 Paris corn was down EUR0.75/tonne at EUR141.50/tonne and Nov 14 Paris rapeseed rose EUR4.25/tonne to EUR325.00/tonne.

For the week that puts London wheat up GBP3.85/tonne, with Paris wheat EUR6.50/tonne firmer, corn up EUR4.25/tonne and rapeseed EUR9.50/tonne higher.

The Russian Ag Minister raised his forecast for their 2014 grain crop to 110 MMT in bunker weight, and 104 MMT in clean, or net weight. That's the second largest output of the post Soviet era (2008 being the largest with a crop of 108 MMT in net weight).

It also comfortably beats last season's final output of 91.3 MMT by almost 14% if correct.

The Russian Ministry said that the 2014 grain harvest is now 88% complete at 99.7 MMT. The wheat harvest is 89% done at 58.9 MMT, barley output is 95% complete at 20.6 MMT and 46.5% of this year's corn crop has now been cut producing 5.7 MMT so far.

Russian winter grain plantings for the 2015 harvest are already well advanced at 76.5% complete on 12.6 million ha to date. Rain is now needed there to help the crop get established before winter bites.

Kazakhstan said that they'd harvested almost 14 MMT of grains off 78% of the planned area.

Ukraine said that they'd now harvested 43 MMT of grains off 77% of plan. That includes 6.7 MMT of corn off 31% of the anticipated area. The bare bones of the latter numbers appears to confirm most analysts ideas that the Ag Ministry's official forecast for a 2014 corn crop of 30 MMT is pie in the sky.

Ukraine also said that they'd planted 4.258 million ha of winter grains, which is 57% of plan. Most of that area, 3.979 million ha, is wheat. They also said that winter OSR has now been sown on 803 million ha, or 94% of the intended area.

FranceAgriMer said that the French corn harvest was 3% complete as of Monday, up from 1% done a week ago, and compared to zero a year ago. Corn rated in good to very good condition was unchanged from a week ago at 86%, although there was a one point switch from good to very good, far higher than 57% a year ago.

They reported that French winter wheat for the 2015 harvest was 9% planted versus 7% a year ago at this time. Winter barley is 15% sown, up two points compared to this time last year.