EU Grains End Lower Friday, Mixed For The Week
12/08/16 -- EU grains finished lower on the day and mixed for the week. London wheat consolidated from a more than one-year high hit yesterday, although sterling weakness continued today.
The day ended with Nov 16 London down GBP0.65/tonne at GBP130.75/tonne, Sep 16 Paris wheat was EUR3.25/tonne lower at EUR164.50/tonne, Aug corn was down EUR1.25/tonne at EUR165.25/tonne and Nov 16 rapeseed was down EUR0.25/tonne to EUR369.50/tonne.
For the week London wheat was still GBP3.75/tonne firmer, Paris wheat was down EUR2.00/tonne, corn was up EUR0.25/tonne and rapeseed added EUR3.25/tonne.
The pound closed around 1.1550 against the euro - a level last seen in August 2013. It also now sits comfortably below the 1.30 level against the US dollar.
The UK winter barley harvest is now 90% done with yields averaging 5.9-6.3 MT/ha, say the HGCA. That's 7-13% below the 5-year average of 6.8 MT/ha.
Winter OSR is 80% harvested with yields coming in around 3.0-3.2 MT/ha, some 12-17% below the 5-year average of 3.6 MT/ha, they add.
Only around 5% of the winter wheat has been cut, and it's therefore too early to call yields reliably this year. However what has been cut is turning in some better ones than expected. "In the Eastern region and South East, early yields were 10% above the farm average, with farm yields typically between 8.7-8.9 MT/ha. Whilst farm yields are close to average in Yorkshire and Humber, West Midlands and South West, typically yielding between 7.3-8.0 MT/ha. In the East Midlands, the earliest yields were slightly below the farm average," they said.
It would seem thus far then that UK wheat yields may not be suffering as badly as some other crops this year, we will need a bit more time for clarification of this though.
EU soft wheat export licences came in at 450 TMT this week, with the cumulative season-to-date total 2.2 MMT versus 2.3 MMT this time a year ago.
FranceAgriMer said that the French wheat harvest is 76% done versus 62% a week ago and 95% complete this time last year. Spring barley is 78% harvested versus 47% last week and 97% a year ago. They said that 96% of the French corn crop is now silking as opposed to 83% last week and 100% a year ago.
French wheat crop conditions were cut another 2 points in the good to very good rating to just 33% (77% a year ago).
Strategie Grains said that only 79% of this year's French wheat crop will make milling standard as opposed to 88% a year ago. Across Europe it's 66% versus 71% a year ago.
Jordan issued a new 100 TMT feed barley tender. Saudi Arabia issued a tender to buy 600 TMT of hard wheat for Oct/Dec shipment.
