EU Grains Mixed As Weather Finally Improves

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

18/07/16 -- EU grains closed narrowly mixed, with Jul 16 London wheat was unchanged at GBP111.75/tonne. Sep 16 Paris wheat traded up EUR1.50/tonne at EUR161.005/tonne, Aug corn was EUR2.00/tonne lower at EUR171.00/tonne and Aug 16 Paris rapeseed was flat at EUR360.50/tonne.

Suddenly much warmer and drier conditions in western Europe should speed up harvest activity dramatically, although in the case of France in particular it seems like the damage is already done.

Egypt bought 300,000 MT of Romanian/Russian wheat over the weekend for Aug 21-30 shipment in it's second tender of the new season. The prices paid were reportedly $166.73-167.67/tonne FOB for the Romanian material and $166.50/tonne FOB for the Russian.

That's around $2/tonne more than they paid last week for Aug 10-21 shipment, although overall the general level of offers was lower.

APK Inform said that Russian seaports had shipped out 204,400 MT of grain last week, up from 142,000 MT the week before. Last week's total included 103,500 MT of wheat and 95,000 MT of barley. The top home was Saudi Arabia (62,500 MT) followed by Turkey (56,000 MT).

Despite those figures seeming to be unimpressive, the Russian Ag Ministry said that total exports for the first two weeks of the new season were 583,800 MT, a 34.5% increase on a year ago, Wheat accounted for 383,500 MT of that total, according to them.

Ukraine's seaports exported 423,500 MT of grain last week, including 51,400 MT of wheat, 286,500 MT of barley and 85,600 MT of corn. Jordan was their top buyer (56,900 MT).

The Russian Ag Min said that the wheat harvest there is already 20.5 MMT complete, with average yields of 4.32 MT/ha (20156: 3.78 MT/ha). Barley accounts for a further 3.0 MMT.