Nov 15 London Wheat Sets New Lifetime Contract Low

17/08/15 -- EU grains traded mixed, but mostly a little lower, in a fairly subdued start to the week.

Outside markets are offering little support, with the barometer for global economic health that is NYMEX crude oil trading below $42/barrel on Friday and again this morning - it hasn't languished down there since the dark days of early 2009 that were linked to the post sub-prime fallout.

Nov 15 London wheat closed GBP2.15/tonne lower at GBP115.70/tonne, after setting a new lifetime contract low of GBP115.50/tonne. Sep 15 Paris wheat was EUR0.25/tonne lower at EUR175.75/tonne, Nov 15 Paris corn was down EUR1.50/tonne to EUR177.25/tonne and Nov 15 rapeseed was down EUR0.50/tonne to EUR370.75/tonne.

Fresh news was scarce to begin the week, but that will change later today when we get the USDA's weekly crop condition and export inspections reports.

UK growers will welcome a decent weather forecast for most parts, at least through until Thursday, after widespread rain brought the 2015 harvest to a halt on Friday.

Ukraine said that they'd exported 3.77 MMT of grains already this season (Jul 1 to Aug 14), with a further 427 TMT loaded onto vessels waiting to sail.

The volume exported so far is fairly even split, including 1.44 MMT of wheat, 1.2 MMT of barley and 1.12 MMT of corn.

Unlike grains, their rapeseed exports haven't made an impressive start to 2015/16. According to APK Inform the country shipped out less than 90 TMT of rapeseed in July, down sharply from the more than 300 TMT exported in July 2014, and over 215 TMT in July 2013.

The top buyer of Ukraine rapeseed in the month was France, taking almost half (47%), followed by the Netherlands on 18%.

APK Inform estimate the country's total rapeseed exports to be down 24% this season to 1.5 MMT, after reduced plantings and high levels of winterkill cut 2015 production by 21% to 1.7 MMT.

Russia's 2015 grain exports haven't begun at the impressive pace of their neighbours. These are said to be down 46% (Jul 1 to Aug 9) versus the same period in 2014. And at 2.61 MMT are over 30% behind the volume already exported by Ukraine.

This total is split 1.66 MMT of wheat, 771 TMT of barley and 159 TMT of corn. Exports are expected to pick up if and when the government revise the way the existing export duty on wheat is calculated.

IKAR were today said to have raised their forecast for this year's Russian wheat crop to 61 MMT, which would now outstrip production last year.

Bangladesh are in the market tendering for 50 TMT of optional origin wheat for September/October shipment.

Tunisia are said to have bought 117 TMT of optional origin milling wheat in a tender for 209 TMT for January/February shipment.

Belarus said that they'd harvested almost 8 MMT of grains so far this season, with average yields of 3.89 MT/ha down 0.5 MT/ha on a year ago.