18 January 2017 | Online since 2003

EU Reports

13 January 2017 | EU Reports
12/01/17 -- EU grains closed mostly higher following the late release of the January WASDE numbers from the USDA.

At the close Jan 17 London wheat was up GBP1.50/tonne at GBP145.90/tonne, Mar 17 Paris wheat was EUR0.75/tonne higher at EUR169.75/tonne, Mar 17 Paris corn was down a euro at EUR167.50/tonne and Feb 17 Paris rapeseed was up EUR0.25/tonne to EUR414.50/tonne.

Trade was quiet awaiting the USDA data late in European trading hours.

That put the US HRW wheat area for the 2017 harvest 23.3 million acres, which is 12% lower than a year ago. All wheat acres were estimated at 32.38 million ha, down 3.75 million from last year and at the lower end of the range of trade forecasts. This is the second lowest winter wheat area on record, and the lowest since 1909.

Global wheat production, already at a record, was raised even higher this month mainly on larger crops in Argentina, the EU, and Russia.

Global trade was boosted to a new record with stronger import demand from several Asian countries and Brazil. Larger exports for Australia, Argentina, and the EU were partially offset by a decrease for Canada, they said.

EU 2016/17 production was increased 350 TMT to 144.32 MMT, and exports nudged 500 TMT higher to 25.5 MMT. This year's Russian crop was upped 500 TMT to 72.5 MMT.

World ending stocks for 2016/17 were increased 1.15 MMT to 253.3 MMT. Ending stocks-to-use ratio for 2016/17 is now projected at 34.2% versus 34.1% in December and 33.8% a year previously.

12 January 2017 | EU Reports
11/01/17 -- EU grains closed mixed on the day, with sterling weakness supporting London wheat.

The day ended with Jan 17 London wheat up GBP1.05/tonne at GBP144.40/tonne, Mar 17 Paris wheat was down EUR0.75/tonne at EUR169.00/tonne, Mar 17 Paris corn was down EUR0.50/tonne to EUR168.50/tonne and Feb 17 Paris rapeseed fell EUR0.25/tonne to EUR414.25/tonne.

The pound fell as low as 1.15 versus the euro, a level last seen two months ago. It was also down to 1.22 against the US dollar.

It's a big day for the grain markets tomorrow, with the USDA due to release their first world supply and demand numbers of the new year.

The figures could be unusually important for US winter wheat plantings. "Analysts expect this figure to show a drop of 2.0m acres year on year to 34.1m acres, the lowest since 1913, but with some ideas that the figure could be lower – substantially," said Agrimoney.

Closer to home, FranceAgriMer revised upwards their estimate for French soft wheat exports to non-EU destinations, up from 4.7 MMT to 4.8 MMT, but that's still massively below last season's 12.6 MMT figure.

Ending stock were cut to 2.365 MMT from the 2.683 MMT seen last month.

Turkey tendered for 230,000 MT of EU high quality milling wheat.

11 January 2017 | EU Reports
10/01/17 -- EU grains closed mostly lower Tuesday. Fresh news was thin on the ground.

At the finish Jan 17 London wheat was down GBP0.80/tonne at GBP143.35/tonne, Mar 17 Paris wheat fell EUR1.25/tonne to EUR169.75/tonne, Mar 17 Paris corn ended EUR0.75/tonne lower at EUR169.00/tonne and Feb 17 Paris rapeseed closed EUR1.75/tonne higher at EUR415.50/tonne.

Ukraine said that it's 2016/17 grain exports had now surpassed 23 MMT, of which 11.5 MMT was wheat ,4.3 MMT barley and 7.1 MMT corn. According to their Ag Ministry exports this full season could total 40 MMT.

The Ukraine weather centre said that 83% of winter crops were in a good to satisfactory condition, and 17% weak/thinned. Current winter snow cover is adequate to protect the bulk of crops against the existing very low temperatures, they said.

Russia experienced a significant slowdown of export pace during December 2016 with 3.3 MMT of cereals shipped which is -0.7 MMT under the November volume or -0.8 MMT below December 2015, noted Agritel.

"More than weather conditions or festivities period, this slowdown is due to the decline of commodities on domestic market implied by the strength of the rouble," they commented.

10 January 2017 | EU Reports
09/01/17 -- EU grains closed mixed but to start the week. London wheat got assistance from a wobbly pound. This was the best front month close on the continuous chart for London wheat since June 2014.

At the close Jan 17 London wheat was up GBP1.50/tonne at GBP144.15/tonne, Mar 17 Paris wheat was EUR0.25/tonne easier at EUR171.00/tonne, Mar 17 Paris corn was unchanged at EUR169.75/tonne and Feb 17 Paris rapeseed was down EUR2.50/tonne to EUR412.75/tonne.

APK Inform reported that Russia's grain exports for the two week period ending Jan 5 came in at almost 1 MMT, including 774.2 TMT of wheat, 179.9 TMT of corn and 30.9 TMT of barley.

Ukraine's exports in the same period were almost 1.5 MMT, including 491.2 TMT of wheat, 967.9 TMT of corn and 32.2 TMT of barley.

French soft wheat exports are down 33% Jul/Nov at 4.1 MMT. Nov exports of only 656 TMT marked the sixth straight month of decline for what is traditionally Europe's largest exporter.

FranceAgriMer currently forecast total French exports in 2016/17 down 47% at 10.1 MMT versus last last season.

Bangladesh's wheat imports surged 85% in the July 1-Dec 22nd period to 2.79 MMT. Imports for the whole of 2016/17 are currently estimated to rise 400 TT to 5.1 MMT, according to the latest data from the USDA.

7 January 2017 | EU Reports
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.

6 January 2017 | EU Reports
05/01/17 -- EU grains closed with little change on the day. The outlook for a weaker sterling ahead continues to support London wheat. Trade is flat with some participants still absent following the Christmas break.

At the finish Jan 17 London wheat was up GBP1.40/tonne at GBP141.30/tonne, Mar 17 Paris wheat was up EUR0.25/tonne at EUR170.00/tonne, Mar 17 Paris corn ended unchanged at EUR169.50/tonne and Feb 17 Paris rapeseed closed EUR1.00/tonne lower at EUR418.00/tonne.

France reported a 29% drop in exports from the leading port of Rouen in the week ending January 4th, to 53 TMT. That week’s total included 23.45 TMT of soft wheat to Tunisia and 29.5 TMT to Yemen.

Algeria are said to have bought up to 475 TMT of optional origin soft wheat at a around $198-$202/MT C&F.

Russia said that their 2016/17 grain exports were down 3.7% at 19.73 MMT. That includes 15.44 MMT of wheat, 1.83 MMT of barley and 2,32 MMT of corn.

Ukraine’s 2017 corn crop is estimated to be down 13%, or 3.5 MMT, to 23.5 MMT, according to UkrAgroConsult.

5 January 2017 | EU Reports
04/01/17 -- EU grains closed mixed but mostly firmer on the day. Strength in Chicago soybeans supported rapeseed.

At the close Jan 17 London wheat was up GBP0.55/tonne at GBP139.90/tonne, Mar 17 Paris wheat was EUR0.50/tonne higher at EUR169.75/tonne, Jan 17 Paris corn was EUR0.50/tonne lower at EUR174.50/tonne and Feb 17 Paris rapeseed was up EUR4.25/tonne to EUR419.00/tonne.

Russian and Ukraine exports slowed up to virtual halt last week due to the holiday, with the former shipping out only 24.3 MMT and the latter 40.3 MMT, according to APK Inform Agency.

News out of Russia is scarce as many there observe the extended Russian Orthodox Christmas.

"Wheat plantings in Ukraine as at 1 December are pegged at 6.1 million ha, up from 6.0 million at the same point last year – although this would still be a smaller winter wheat area than all other years at least back to 2008," say the HGCA. Winter barley is pegged at 0.9 million ha, down from 1 million last year, making for also the smallest winter barley area since 2008, they add.

"Higher oilseed plantings, particularly winter OSR (up 0.2 million ha to 0.9 million ha), are driven by the increasingly favourable relationship of oilseed to grain. That's an increase of 28.5%, which is also likely due to that fact that plantings were hindered by a particularly dry late summer and autumn in 2015.

Ukraine wheat output in 2017 is expected to decline 3.5 MMT to 23.5 MMT, say UkrAgroConsult

AGPM estimated the French corn crop at 12.3 MMT, significantly higher than FranceAgrimer’s 11.45 MMT figure.

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