London Wheat Hits Best Since Jul 2015

10/08/16 -- EU grains closed mostly higher, with benchmark Nov 16 London wheat closing at the best levels on a front month since Jul 15.

At the close Nov 16 London wheat was up GBP1.75/tonne at GBP130.00/tonne, Sep 16 Paris wheat was up EUR1.75/tonne to EUR166.75/tonne, Aug Paris corn was up EUR1.00/tonne at EUR166.00/tonne, Nov 16 Paris rapeseed was EUR1.25/tonne lower at EUR370.00/tonne.

Ship brokers report that Glencore is looking to fix a 35,000 MT cargo of Romanian wheat to France, confirming earlier rumours.

Whether this is to bolster quality, or simply make up for this year's volume shortfall is unclear at the moment.

Some reports out of France suggest that protein levels and specific weights this year are generally within contract tolerances, even if yields are dramatically reduced. There's no word yet on hagbergs though.

The rain is disrupting the start of our own wheat harvest now, roll on the heat-wave that the forecasters are promising us!

Syria are reported to have bought 150,000 MT of Russian milling wheat and Israel to have purchased 55,000 MT of optional origin feed wheat for Oct/Dec shipment.

Ukraine's harvest is said to be 97% complete at 36.76 MMT in bunker weight. Wheat accounts for 25.66 MMT (off 97% of plan) of that and barley an additional 9.61 MMT (98%). They've also harvested 1.1 MMT of OSR off 93% of the planned areas.

Russia's wheat harvest is reported at 45% done at 49.7 MMT, and barley 42.7% cut at 10.3 MMT.

APK Inform say that Ukraine will export 34.7 MMT of grains this season, some 9.3% less than a year ago.

Rusagrotrans say that Russia will export 3.0-3.1 MMT of grains in August versus 4.2 MMT a year ago.