EU Grains Mostly Higher To Start Week
10/10/16 -- EU grains closed mostly higher on the day. London wheat benefitted from continued sterling weakness.
The day ended with Nov 16 London wheat up GBP1.10 at GBP130.35/tonne, Dec 16 Paris wheat was up EUR0.75/tonne at EUR157.75/tonne, Nov 16 corn was EUR0.50/tonne lower at EUR158.00/tonne and Nov 16 Paris rapeseed was EUR3.00/tonne firmer to EUR380.50/tonne.
This was London wheat's first close above GBP130/tonne since August, and it didn't stay above that level back then for very long. Indeed, it was the late spring/early summer of 2014 before London wheat spent any serious time above the GBP130/tonne mark.
The pound hit new lows against the US dollar and euro in early trade, sending London wheat higher from the off. Firmer US markets helped along the way.
Paris rapeseed put in it's first close above EUR380/tonne since June meanwhile. A level it hasn't spent any concerted time above since around Jun/Jul 2105.
Strategie Grains reported the EU-28 rapeseed crop at 20.2 MMT, an 8.3% decline on a year ago. Yields this year were down 8.7% to 3.1 MT/ha and plantings were 6.53 million ha.
For 2017 they see the planted area rising to 6.7 million ha, but gave no forecasts on 2017 output yet.
Russia said that it's 2016 harvest was now 92.1% done at 113.8 MMT. That includes 75.5 MMT of wheat and 19 MMT of barley (both 96.7% harvested). They've also harvested 4.9 MMT of corn (off 31.4% of the combinable area) and planted winter grains on 13.8 million ha (79.6% of plan) for the 2017 harvest.
Kazahstan said that their harvest is 99% complete at 23 MMT in bunker weight.
Ukraine's exports via seaports last week fell to 545.9 TMT from 1.02 MMT the previous week, said APK Inform. That included 312 TMT of wheat, 155.6 TMT of barley and 78.3 TMT of corn.
