EU Grains Close Mixed

Posted by Nogger - a legend in his own mind at 10:07 | Categorized as

11/01/17 -- EU grains closed mixed on the day, with sterling weakness supporting London wheat.

The day ended with Jan 17 London wheat up GBP1.05/tonne at GBP144.40/tonne, Mar 17 Paris wheat was down EUR0.75/tonne at EUR169.00/tonne, Mar 17 Paris corn was down EUR0.50/tonne to EUR168.50/tonne and Feb 17 Paris rapeseed fell EUR0.25/tonne to EUR414.25/tonne.

The pound fell as low as 1.15 versus the euro, a level last seen two months ago. It was also down to 1.22 against the US dollar.

It's a big day for the grain markets tomorrow, with the USDA due to release their first world supply and demand numbers of the new year.

The figures could be unusually important for US winter wheat plantings. "Analysts expect this figure to show a drop of 2.0m acres year on year to 34.1m acres, the lowest since 1913, but with some ideas that the figure could be lower – substantially," said Agrimoney.

Closer to home, FranceAgriMer revised upwards their estimate for French soft wheat exports to non-EU destinations, up from 4.7 MMT to 4.8 MMT, but that's still massively below last season's 12.6 MMT figure.

Ending stock were cut to 2.365 MMT from the 2.683 MMT seen last month.

Turkey tendered for 230,000 MT of EU high quality milling wheat.