EU Grains Mixed, Rapeseed Follows Chicago Soybeans Lower

Posted by Nogger - a legend in his own mind at 10:12 | Categorized as

13/09/16 -- EU grains closed mixed. Fresh news was thin on the ground following yesterday's orgy of data from the USDA. Rapeseed follows Chicago beans lower.

At the close Nov 16 London wheat was up GBP0.45/tonne at GBP122.40/tonne, Dec 16 Paris wheat was EUR0.50/tonne higher to EUR158.75/tonne, Nov 16 Paris corn was down EUR0.75/tonne at EUR160.00/tonne, Nov 16 Paris rapeseed was EUR3.75/tonne lower at EUR371.50/tonne.

"With wheat harvests across Europe, the Black Sea region and the US approaching completion, globally, grain markets remain on course for a fourth consecutive surplus," noted the HGCA.

The French Ag Min lowered their forecast for this year's wheat crop there from 29.1 MMT to 28.2 MMT. The size of the 2016 corn crop was also lowered from 13.5 MMT to 12.5 MMT. Rapeseed was raised from 4.5 MMT to 4.7 MMT.

The Ukraine grain harvest is now 70% complete at 39 MMT, with the new corn harvest 3% done at 487 TMT. Planting for the 2017 harvest is now 4% complete on 298k ha under dry conditions.

A slightly wetter forecast for next week was introduced for Ukraine’s winter wheat areas, although a dry pattern is still expected to dominate the region, said FCStone.

Winter wheat typically accounts for around 93% of the winter grains area in Ukraine. Winter OSR planting is more advanced at 86% done on 625k ha.

APK Inform said that Ukraine would export 17.7 MMT of corn in 2016/17, an increase of 6%. They forecast barley exports at 5 MMT, up 13%.

Ukraine's Jan/Aug grain exports were 23.1 MMT, up 6% on a year previously.

Russia's 2016 harvest is 79% complete at 101 MMT, including 69.8 MMT of wheat (85% harvested), 18 MMT of barley (91%) and 938.5 TMT of corn (6%). Planting for the 2017 harvest is 43% complete on 7.4 million ha versus 6.7 million this time last year.