EU Grains Mostly Higher On The Day/Slightly Lower For The Week

Posted by Nogger - a legend in his own mind at 11:52 | Categorized as

21/10/16 -- EU grains closed mixed, but mostly a little higher on the day. The weekly chart showed small losses for London and Paris wheat and corn, but decent gains for rapeseed which closed at the highest levels since July 2015.

At the finish Nov 16 London wheat was GBP0.20/tonne higher at GBP134.00/tonne, Dec 16 Paris wheat was up EUR0.50/tonne at EUR163.00/tonne, Nov 16 Paris corn also ended EUR0.50/tonne firmer at EUR159.25/tonne and Nov 16 Paris rapeseed was EUR1.25/tonne higher at EUR394.00/tonne.

For the week that puts London wheat GBP0.30/tonne lower (breaking a prior weekly winning run of five), with Paris wheat and corn EUR0.25/tonne easier and rapeseed EUR5.50/tonne higher.

Brussels said that they'd only issued 209 TMT worth of soft wheat export licences this past week, a pretty dismal total. Still, season to date exports are now 7.51 MMT, a 16% increase over last year, although that rate of rise is slowing.

"Wheat export pace over the remainder of the season will be expected to slow if the EU Commission’s end of season forecast of 25 MMT is to be realised," said the HGCA.

"With lower levels of exports from the EU likely to be a key feature for global trade this season the door is open for other key exporters to increase their share of the market," they added

Only 64 TMT worth of EU barley exports were approved this week, taking the cumulative total to 1.28 MMT, a 69% fall year-on-year.

FranceAgriMer said that winter wheat planting across the Channel is 43% complete, up from only 23% done a week ago but still lagging 52% this time last year. Barley planting is 61% complete (39% last week and 73% a year ago). Corn harvesting is seen at 39% done versus 23% last week and 52% in 2015. Final 2016 corn production is estimated 6.6% down at 12.2 MMT.

Ukraine said that they'd harvested 83% of this year's grain crop, bringing in 49.87 MMT so far. Corn harvesting is 45% complete at 10.92 MMT. Plantings for the 2017 harvest are 77% done, with 82% of next year's winter wheat crop now in, along with 43% of the government's projected barley area.

Ukraine's total grain exports so far this season stand at 12.44 MMT, including 7.82 MMT of wheat, 1.14 MMT of corn and 3.43 MMT of barley.

Russia said that their 2016 harvest is 93.9% complete at 117.5 MMT. That includes 98% of this year's wheat (75.7 MMT) and 96.9% of this year's barley (19.0 MMT). Corn harvesting is 48.3% done at 7.7 MMT. Winter planting for the 2017 harvest is said to be 93.2% complete on 16.2 million ha (versus 15.5 million ha this time a year ago).