EU Grains Mostly Higher

06/01/17 -- EU grains closed mostly higher in quiet trade. Fresh news was lacking. Buoyant global stock markets maybe provided some support in terms of sentiment.

The day ended with Jan 17 London wheat up GBP1.35/tonne at GBP142.65/tonne, Mar 17 Paris wheat was up EUR1.25/tonnr at EUR171.25/tonne, Mar 17 Paris corn was up EUR0.25/tonne to EUR169.25/tonne and Feb 17 Paris rapeseed fell EUR2.75/tonne to EUR415.25/tonne.

For the week that puts London wheat GBP3.75/tonne higher In Paris, wheat is up EUR3.25/tonne, corn is up EUR1.25/tonne and rapeseed has gained EUR6.25/tonne.

Brussels reported 140 TMT worth of EU soft wheat exports this past week. That takes the season to date total to 12.87 MMT. Cumulative barley exports stand at 2.1 MMT, and corn imports are 4.7 MMT.

A harsh cold snap gripping the Black Sea area is expected to last a few more days yet, and could cause some winterkill issues for wheat unprotected by an adequate snow coverage.

In the US, Farm Futures magazine indicates winter wheat seedings of only 34.8 million acres, the lowest total since 1913, as growers switch to other crops.

The FAO said that Russia will harvest 115 MMT of grains this season, up 13% versus last year. Production in Ukraine will rise 6% to 63 MMT, they added.