EU Grains Mixed, Wet Weather Worries Remain

Posted by Nogger - a legend in his own mind at 09:18 | Categorized as

28/06/16 -- EU grains finished mixed. A bit of sterling consolidation from the recent rout of the last few days had London wheat under a bit of pressure.

The day ended with Jul 16 London down GBP1.00/tonne at GBP109.75/tonne, Sep 16 Paris wheat was down EUR1.25/tonne at EUR159.25/tonne, Aug corn was up EUR1.25/tonne at EUR177.25/tonne and Aug 16 rapeseed rose EUR3.25/tonne to EUR359.50/tonne.

Fresh news was light today. Widespread rain and cooler than normal temps in the UK and northern France remains a worry, with similar conditions also said to be taking the shine off crops in southern Germany too.

Things look better further east.

Rapeseed is following Chicago soybeans.

Russian customs data says that they've exported 36.71 MMT of grains so far this season (to Jun 27), of which 23.89 MMT (65%) was wheat, 3.45 MMT barley and 3.95 MMT corn.

Jan 1/Jun 27 exports were 13.79 MMT including 7.92 MMT (57%) of wheat.

Kazakhstan say that recent rains have boosted their harvest potential, with a grain crop of 17 MMT on the cards, of which 13.7-14.0 MMT will be wheat. They see exports in 2016/17 at 7.5 MMT.

Tunisia are in the market for 110,000 MT of optional origin hard wheat for Sep/Oct delivery.

Jordan again tender for 100,000 MT each of milling wheat and feed barley.

The Egyptian Supplies Minister says that the country has bought 5 MMT of domestic new crop wheat out of an origin target of 4 MMT and is therefore covered for it's needs until mid-January.

We can expect another tender from them fairly soon then!