EU Grains Mostly Lower Despite Second Egyptian Wheat Purchase

Posted by Nogger - a legend in his own mind at 08:36 | Categorized as

05/11/14 -- EU grains finished the day mostly lower, in a session that contained few fireworks.

The day ended with Nov 14 London wheat ended up GBP0.20/tonne to GBP118.80/tonne, Nov 14 Paris wheat finished EUR1.25/tonne lower at EUR167.75/tonne, Nov 14 Paris corn was down EUR3.25/tonne at EUR136.75/tonne, whilst Nov 14 Paris rapeseed fell EUR2.00/tonne to EUR334.00/tonne.

Egypt's GASC bought 235 TMT of wheat in it's second tender within a week. This time they booked three cargoes (180 TMT) of French wheat and one (55 TMT) of Ukraine origin. The average price paid was $258.34/tonne including freight. The Ukraine offer was marginally cheaper when freight was added on that the French wheat.

The price paid was a bit lower than the $260/tonne FOB paid at the weekend.

The cheapest Russian wheat offer was $255.50/tonne FOB, pricing them out by around $12/tonne when freight is added on.

Egypt's state owned wheat buyer has now purchased 2.19 MMT of wheat on the international market so far this season.

Jordan made no purchase in their 100 TMT hard milling wheat tender for April –May shipment.

The Ukraine Ministry said that the country had exported 12.16 MMT of grains so far this season, including 6.7 MMT of wheat, 3.3 MMT of barley and more than 2 MMT of corn.

The USDA attaché in Kazakhstan estimated their 2014 wheat crop at 13.0 MMT versus 13.9 MMT in 2013. Exports this season are forecast at 6.0 MMT versus 7.5 MMT a year ago.

Russia’s Ag Min said that the country has exported 14.7 MMT of grain between July 1-October 29th.

Rusagrotrans estimated Russia's November grain exports at 3.0-3.1 MMT versus 2.55 MMT a year ago.

The pound fell to its lowest level against a resurgent US dollar in more than a year, which lent some support to London wheat.