EU Grains Mixed. El Nino Is Over

Posted by Nogger - a legend in his own mind at 09:55 | Categorized as

24/05/16 -- EU grains finished mixed at the close on Tuesday, with Jul 16 London wheat down GBP0.25/tonne at GBP107.20/tonne, Sep 16 Paris wheat up half a euro at EUR163.25/tonne, June corn was EUR1.75/tonne higher at EUR168.75/tonne and Aug 16 rapeseed was up EUR1.50/tonne to EUR370.75/tonne.

Black Sea exports continue at a brisk, if not frenetic, pace. Ukraine said that they have now exported 34.616 MMT of grain so far this season, including 14.6 MMT of wheat, 4.25 MMT of barley and 15.48 MMT of corn.

Thy will finish the season with record grain exports of 39.87 MMT, including 15.16 MMT of wheat, 4.23 MMT of barley and 19.5 MMT of corn, they added.

Ealry spring grain planting in Ukraine is over, and corn planting is now 96% done, said the Ag Ministry. Sunflower (97%) and soybeans (85%) plantings are winding down, they added.

Russian spring plantings are 78% down on 24.9 million ha 22.4 m ha last year to date.

EU 2016 yield and production forecasts edge higher, weather will be the key final yield determining factor from hereon in, Conditions look largely favourable at the moment.

Jordan finally bought 100,000 MT of optional origin hard wheat in it's on-off retender. The price paid was reported at $203/tonne C&F for October shipment. Morocco is in the market for 133,000 MT of domestic material in a tender.

Australia's ABARES said that the strongest El Nino weather event in 19 years is now over. Concerns now are that it will be followed by a La Nina event, which typically brings wet weather to Asia and parts of South America too (especially Argentina) along with historic flooding to QLD/NSW. Some also link La Nina to a dry summer in parts of the US.