EU Markets Nervous Ahead Of Trump Inaugration

Posted by Nogger - a legend in his own mind at 12:00 | Categorized as

18/01/17 -- EU grains trade mixed, but mostly lower around midday Wednesday. Markets are a little nervous ahead of the inauguration of Donald Trump this Friday. "Important changes in interest rates and on currencies are not to be ruled out in the next few weeks," said Agritel.

May 17 London wheat trades GBP0.50/tonne higher at GBP150.25/tonne, May 17 Paris wheat is down EUR0.25/tonne to EUR172.75/tonne, Mar 17 Paris corn is also down EUR0.25/tonne at EUR168.75/tonne and Feb 17 Paris rapeseed trades EUR1.00/tonne lower at EUR417.75/tonne.

London wheat is boosted once again by a lower sterling which trades at 1.23 against the US dollar and a little over 1.15 versus the euro.

Any possible damage to crops in eastern Europe, southern Russia and Ukraine due to the recent cold spell is being largely played down/ignored by the market for the time being.

Ukraine says that winter grains were sown on 7.2 million ha, and place emergence at 95% on 6.8 million ha of that. Of the emerged area 83% of the crops are said to be in in good/satisfactory condition and 17% weak/thinned.

Customs data shows Russian seaports exporting more than 456 TMT of grains last week, including 234 TMT of wheat.

Morocco are said to have bought a significant volume of US wheat under a preferential duty agreement between the two countries. They are now said to be tendering for EU wheat also.