London Wheat Hits Best Level Since August

12/11/14 -- EU grains closed mostly higher, with the exception of rapeseed. Nov 14 London wheat settled at its highest close since August.

At the finish Nov 14 London wheat was up GBP3.00/tonne at GBP122.30/tonne, Jan 15 Paris wheat was EUR3.75/tonne firmer at EUR174.75/tonne, Jan 15 Paris corn was up EUR1.75/tonne to EUR151.25/tonne, whilst Feb 15 Paris rapeseed fell EUR2.75/tonne to EUR337.50/tonne.

Chicago wheat closed around 17 cents higher, and EU futures followed.

"The (wheat) gains were attributed in part to increasing worries over US winter wheat, given the plunging US temperatures, which are expected to fall below 0 degrees Fahrenheit (-18 Celsius) in parts of Colorado and Nebraska later in the week," said Agrimoney.

FranceAgriMer said that French soft wheat production this year was 36.8 MMT, a 1.2% fall on last year. Because of the quality issues with some of this year's crop, exports outside the EU in 2014/15 will fall by a third to 8.2 MMT, they said.

Although exports within the EU will rise year-on-year, due in part to increased feed wheat sales, the country's wheat exports overall will still decline 14.4% to 16.4 MMT this season, they estimate.

The German Oilseeds Industry Association, UFOP, said that winter rapeseed plantings in the country are down 5.2% this year at 1.323 million hectares.

Ukraine said that 1 million hectares of the planted 7.4 million ha of winter crops have yet to emerge. Of what has emerged, 83% is in good to satisfactory condition and 17% weak/thinned. Wheat planting is said to be complete, but barley sowings are only done on 90% of the Ag Ministry's estimated area.

The 2014 Ukraine harvest has almost reached the 60 MMT mark off 95% of the planned area. The corn harvest is 87% complete at 23.5 MMT.

Russia said that it's harvest was now 97% complete at 109.1 MMT in bunker weight. The Urals region is still only 86.8% done.

The Russian Ag Ministry said that the country has exported 15.25 MMT of grains so far this season, a 30.5% increase on this time a year ago. Wheat (12.5 MMT) accounts for the vast majority of that total.