EU Grains Situation Becoming Clearer? And A Tip For Cheltenham - What Could Possibly Go Wrong?
17/03/16 -- EU grains closed mixed, rebounding this way and that in an effort to guide itself through the increasingly manipulative, and volatile markets in the UK and on the continent.
At the close of trading, Mar 16 London wheat was down GBP0.25/tonne at GBP100.80/tonne. In Paris, May 16 wheat closed down EUR3.50/tonne lower at EUR153.50/tonne, Jun 16 corn was down EUR0.25/tonne at EUR154.50/tonne and May 16 rapeseed was unchanged at EUR356.50/tonne.
On by one, various UK countries are stating that winter grain crops are coming out of the various stages of winter dormancy with little or no damage to that predicted 12 months ago.
They are also calling for 2016 production prospects broadly similar to those of a year ago.
Germany's DRV said just that yesterday, and the HGCA today joined them saying that all is well with regards to UK production when compared to 12 months previously.
Ukraine said that they probably need to replant around 15% of winter grains/oilseeds, and as they have adequate time in which to persue this then things should be well. Total winter wheat re-plantings are expected to be around 9% year on year, and -21% for rapeseed, they dded.
As winter turns into spring, we also have a better handle on prospective world currency, and thus commodity price movements.
The pound closed above 1.4450 versus the greenback last night, for a 4% rise in just a month so far.
The Fed is still looking for 2 more rate hikes this year, which is 2 more than any other major central bank.
Whisper it, but it just seems a whole lot more flexible on the timing of those increases.
Even more impressive is that NYMEX crude finished at $40.20/barrel last night, more than 50% higher where it was little over a month ago!
Didn't I say I had some good news for your? A Cheltenham hotpot to round off a week of splendid action from Prestbury Park? Zubayr 4/1 shot in the first race. For once, a home-trained nag that I'm optimistic will have Oirish reeling in it's wake come the home turn. What could possibly go wrong??
