EU Grains Follow US Market Lower On Rains
11/04/16 -- EU grains lower, with heavy rains across the US Southern Plains forecast to break any lingering drought talk for winter wheat there.
At the finish, front month May 16 London wheat was down GBP1.60/tonne at GBP104.55/tonne, May 16 Paris wheat was down EUR2.50/tonne to EUR151.75/tonne, Jun 16 Paris corn was EUR2.00/tonne lower at EUR153.00/tonne and May 16 Paris rapeseed slipped EUR2.50/tonne to EUR366.25/tonne.
"Prolonged drought in the Great Plains may finally be coming to an end. Heavy soaking rainfall from 1.5 to 4 inches is projected in Kansas, Oklahoma and Texas in the 7 day outlook. Conditions have been dry for several weeks in the central Great Plains, so a soaking rain would be very welcome indeed," said Martell Crop Projections.
The first week of April proved to be a good one for Ukraine grain exports via seaports. These were up 65% to 693.6 TMT, and included a decent showing from wheat (300.6 TMT), as well of corn of course (386.3 TMT).
The top buyer for Ukraine's grain exports last week was Egypt (106.2 TMT) followed by China (85.1 TMT).
Russia's exports via seaports were down to 536.2 TMT from 554.8 TMT The previous week. These included 302.4 TMT of wheat, 190 TMT of corn and 32 TMT of barley.
Russia's seaport exports Jan/Mar are said to be up 40% year on year, and exports for the season to date are 28.745 MMT (+8.1%), including 21.03 MMT of wheat.
Russian spring grain plantings are said to be complete on 5.2% of the planned area.
Egypt tendered for wheat gain late in the day. South Korea also in the market tendering for 69 000 MT of feed wheat. FranceAgrimer are due to release their April stocks numbers tomorrow.
