TMMF Ltd
Farminguk
27 September 2016 | Online since 2003
Briefing Media - FG Classified


25 July 2012 10:16:25 |

EU grains market report - 25th July 2012


EU grains closed sharply lower as European debt woes raged with Nov 12 London wheat crashing GBP10.20/tonne to GBP180.30/tonne and Nov 12 Paris wheat slumping EUR14.25/tonne to EUR251.00/tonne.
The bad news for Europe is now coming thick and fast from all angles, with Spain looking like the recently agreed banking sector bailout was just the tip of a very large iceberg.
A full blown Spanish bailout would be the largest drain yet on what is starting to look like a woefully inadequate stability fund. And then there's Italy...
Meanwhile it's looking like Greece hasn't been able to comply with all the criteria to qualify for it's next trance of bailout funding so some further debt restructuring there is going to be necessary to avoid a default.
Yields on Spanish 10-year bonds rose to 7.6% and the Italian stock market crashed to a euro era low yesterday.
The grain market crashed as spec money scrambled for the exits as things went into a full on risk-off mode.
The US weather outlook is a little brighter. "A strong storm tracking through southern Canada will challenge a dome of high pressure currently causing heat-wave conditions in the US heartland. Rainfall is expected to be heavy in the Northern Midwest, but the jury is still out on how much rain would develop in the “heart” of the corn belt. Nebraska, Iowa , Missouri and Illinois may miss out on heavy, soaking rains, though scattered showers are still indicated with variable amounts from .25 to 1.25 inch," say Martell Crop Projections.
With the US winter wheat harvest winding down, attention is now starting to switch to spring wheat. Although crop conditions for that have also been declining lately prospects still look pretty favourable, and far better than for corn.
"North Dakota saw wheat conditions decline for the 4th straight week on Monday to a season low 68% good-excellent. Poor rated wheat remained steady near 5%. Nine percent of the harvest was already complete, the second earliest on record.
"Hot temperatures have taken a toll on wheat conditions, no doubt, shrinking the yield causing premature ripening. Light-weight kernels may be revealed at the grain elevator since extreme heat coincided with the grain filling stage. This may still be a good harvest from favourable spring growing conditions. The USDA pegged the hard red spring wheat harvest at 435 million bushels in the July report and nearly 10% higher than last year’s 398 million bushel crop," Martell Crop Projections add.

Download

0 Comment

loginuserlogo
Name

Please enter your name


Email

Please enter your email

Please enter valid email


Comment

Please enter your comment


Post Comment

Your comment has been submitted successfully. Please wait for admin approval.


Comments

No comments posted yet. Be the first to post a comment


New Zealand | 26 September 2016
Foreign investment in food raises fears over loss of control

Silver Fern Farms' controversial $260 million deal with Shanghai Maling received the final tick of approval from the government last week, based on its belief the purchase would be a substantial benef...


Denmark | 26 September 2016
Denmark and Malaysia signs agriculture deal

On 22 September Minister for Agriculture & Agro-based Industries, Dato’ Sri Ahmad Shabery Cheek and his Danish counterpart, Minister Esben Lunde Larsen, finally signed the Memorandum of Understanding ...


USA | 26 September 2016
California farmers drilling wells as groundwater limits loom

Farmers in central California are drilling more and deeper wells than ever before to pump water for their fruit orchards and sprawling fields following government imposed limits on surface water. T...


New Zealand | 26 September 2016
Fonterra profits jump 65% despite ongoing challenges in dairy markets

Despite ongoing challenges in the dairy market, Fonterra, the New Zealand-based co-op, has posted a 65% increase in profits for the 2015/2016 financial year. The co-op has seen net profits increase...


Romania | 26 September 2016
Romania may suspend farmland purchases by foreigners for three years

Romania may suspend farmland purchases by foreign individuals and companies for a period of three years if a draft law currently debated in the Parliament is approved. The new bill aims to set stri...



Trending Now

Viewed
Discussed


Top stories you may have missed
FarmingUK
FarmingUK Logo

FarmingUK

Labour will end the badger cull and prioritise ending bovine TB, Shadow Def...


FarmingUK
FarmingUK Logo

FarmingUK

A herd of rare White Park cattle could die out if its owners do not urgentl...


FarmingUK
FarmingUK Logo

FarmingUK

The UK government is "failing" to support farmers in the long-term accordin...


FarmingUK
FarmingUK Logo

FarmingUK

Retailer Co-op has announced that from May 2017 all of its bacon and lamb w...


FarmingUK
FarmingUK Logo

FarmingUK

Over 50 wildlife organisations have compiled a stock-take of all the UK's n...


FarmingUK
FarmingUK Logo

FarmingUK

In the run up to the EU farm ministers meeting the agricultural sector have...


FarmingUK
FarmingUK Logo

FarmingUK

The RPA must iron out a number of problems that still exist with 2015 BPS p...


FarmingUK
FarmingUK Logo

FarmingUK

Tourism businesses in the countryside are being held back due to the uncert...


FarmingUK
FarmingUK Logo

FarmingUK

A 24 point action plan aimed at revitalising Scotland's sheep sector after ...


FarmingUK
FarmingUK Logo

FarmingUK

A new survey has revealed that the vast majority of British consumers belie...


closeicon
Username
Password