EU Grains Gain On Month/Quarter-End Consolidation

Posted by Nogger - a legend in his own mind at 08:38 | Categorized as

29/09/14 -- EU grains closed mostly higher in what looks like month-end and quarter-end consolidation and profit-taking.

The day ended with Nov 14 London wheat up GBP1.05/tonne to GBP108.70/tonne, Nov 14 Paris wheat closed EUR1.75/tonne higher at EUR153.75/tonne, Nov 14 Paris corn was up EUR1.25/tonne to EUR138.50/tonne, whilst Nov 14 Paris rapeseed was EUR2.00/tonne firmer at EUR317.0/tonne.

Fresh news was relatively scarce. The Russian 2014 grain harvest is closing in on the 100 MMT mark at 96.1 MMT off 81.4% of the planned area. Wheat accounts for 57.8 MMT of that total off 83.2% of the anticipated harvest area. Barley adds a further 20.3 MMT off almost 90% of plan, with corn adding an additional 4.3 MMT off almost 32% of plan.

Russia Ag Ministry said that the country had exported 3.0 MMT of grain between Sept 1st – Sept 24th. That takes Russia's exports so far this season to 10.7 MMT, up 26.6% from a year ago.

SovEcon estimated Russia’s September grain exports at 3.5-3.7 MMT.

The Kazakh harvest meanwhile will total 17 MMT, with 2014/15 exports at 7 MMT, according to their Ag Ministry. Yields are lower, but quality is better than last year, they added.

Ukraine's 2014 harvest is now 75% done at 41.1 MMT, said the Ag Ministry there. The wheat and barley harvests are finished at 24.4 MMT and 9.3 MMT respectively. They've also cut 5 MMT of corn so far.

Only 56% of the 2014 Ukraine wheat harvest is suitable for milling, the Ministry added. That's down from 69% a year ago.

Winter wheat planting in Ukraine is almost at the halfway point at 3 million ha of the intended 6.2 million ha (up slightly from 6.1 million ha a year ago), they said.

The IGC said late last week that the world will harvest the largest wheat area since 1998 next year at 224 million ha, up from 222.7 million in 2014.

Oman are tendering for 60,000 MT of German or Russian wheat for Jan shipment.