EU Grains Close
09/05/11 -- EU grains closed with May London wheat GBP4.75/tonne higher at GBP202.75/tonne and with new crop Nov climbing GBP9.00/tonne to GBP177.75/tonne. About to expire May Paris wheat closed EUR27.75/tonne higher at EUR267.75/tonne whilst Nov was up EUR13.25/tonne to EUR226.00/tonne.
At one stage May Paris wheat, which goes off the board tomorrow, touched EUR280.00/tonne showing an astonishing EUR40.00/tonne, or near 17%, rise on the day at that stage.
In London, Nov11 finished 5.3% higher, whilst even Nov12 managed to finish with impressive 5.2% gains.
The south east of England got the worst of the deal as far as UK weather was concerned over the weekend, picking up just a millimetre or two of rain. Further north and east managed to get ten times that amount.
With crops here being around 3-weeks forward, and flag leaves emerging with the crop just a foot tall there are doubts about how much good rain would ultimately do at this stage. In addition straw is likely to be in short supply again in 2011/12.
The USDA attache in Europe said last week that EU-27 2010/11 wheat ending stocks will fall to a record low 10.7 MMT this season, and despite production climbing this year 2011/12 ending stocks will barely recover, rising to only 10.9 MMT in 2011/12.
With this year's output from leading producing nations like France, Germany and Poland (and to a lesser degree the UK too) now being called into question then it looks possible that next season's ending stocks will in fact fall to fresh record lows.
At one stage May Paris wheat, which goes off the board tomorrow, touched EUR280.00/tonne showing an astonishing EUR40.00/tonne, or near 17%, rise on the day at that stage.
In London, Nov11 finished 5.3% higher, whilst even Nov12 managed to finish with impressive 5.2% gains.
The south east of England got the worst of the deal as far as UK weather was concerned over the weekend, picking up just a millimetre or two of rain. Further north and east managed to get ten times that amount.
With crops here being around 3-weeks forward, and flag leaves emerging with the crop just a foot tall there are doubts about how much good rain would ultimately do at this stage. In addition straw is likely to be in short supply again in 2011/12.
The USDA attache in Europe said last week that EU-27 2010/11 wheat ending stocks will fall to a record low 10.7 MMT this season, and despite production climbing this year 2011/12 ending stocks will barely recover, rising to only 10.9 MMT in 2011/12.
With this year's output from leading producing nations like France, Germany and Poland (and to a lesser degree the UK too) now being called into question then it looks possible that next season's ending stocks will in fact fall to fresh record lows.