EU Grains End Mostly A Touch Higher

Posted by Nogger - a legend in his own mind at 20:00 | Categorized as

19/11/15 -- EU grains closed mostly a touch higher.

At the finish, Nov 15 London wheat was up GBP0.30/tonne at GBP111.85/tonne. In Paris, Dec 15 wheat was unchanged at EUR176.50/tonne, Jan 16 corn was up EUR1.50/tonne EUR168.25/tonne and Feb 16 rapeseed was EUR0.25/tonne higher to EUR376.00/tonne.

Strategie Grains estimated the 2015 EU soft wheat crop at a record 149.8 MMT, up 300,000 MT from a previous estimate of 149.5 MMT. They also increased their export estimate for 2015/16 by similar volume to 26.8 MMT, although that's 17.5% below last season's record 32.5 MMT.

They estimated 2015/16 EU soft wheat usage in feed at 54.5 MMT, down 1.5 MMT from a previous estimate of 56.0 MMT.

This year's EU corn crop was pegged at 57.3 MMT versus a previous estimate of 57.1 MMT, and the EU barley crop was placed at 60.5 MMT, unchanged from their previous estimate.

Looking ahead, and in common with others, the French analysts see soft wheat plantings for the 2016 harvest barley changed at 29.3 million ha - down just 1% year-on-year. "Soft wheat maintains a good acreage...because of the good conditions for wheat sowings, and poor conditions for rapeseed," they said.

In other news, the Ukraine Ag Ministry said that they had agreed with traders to limit wheat exports in 2015/16 to 16.6 MMT. "The current size of the cap is unlikely to cause major concern as it is above both total season exports in recent years and current forecasts for 2015/16 exports," said the HGCA.

Ukraine's wheat exports to the end of the first week of November were 7.96 MMT, according to their Ag Ministry.

Ukraine's 2015 grain harvest now totals 58.7 MMT off 98% of the planned area, and should total 60 MMT at the finish, say the Ministry. The 2014 harvest was a record 63.8 MMT.

Winter plantings in Ukraine are reported at 89% complete on 6.6 million ha. Wheat is said to be 91% sown and barley 82% done. Those figures don't include winter rapeseed, said to be still only 79% sown on 647k ha.

The Russian grain harvest is said to be 98.9% done at 107.9 MMT in bunker weight. The corn harvest is 87% complete at 12.2 MMT.

Russian winter plantings are said to now be done on 16.3 million ha, or 95.1% of the government's target.