EU market report - 27th June 2012
Nov 12 London wheat closed within GBP2.50/tonne of the lifetime contract high spurred on by weather concerns in America and the Black Sea.
Early grains harvesting is underway in southern Russia, with wheat yields reported to be around 30-40% lower than last year, although quality is good. Ukraine winter barley yields are also said to be disappointing.
Meanwhile triple digit temperatures in America, combined with a general lack of rainfall, are seeing crop ratings tumble and yield prospects diminish sharply.
StatsCanada pegged wheat plantings there slightly lower than expected at 23.81 million acres, although that is still 11% up on last year. Rapeseed sowings are seen at a record high 21.27 million acres, 13% higher than a year ago and above the 20.9 million that the trade expected.
The next set of important planting data out is from the USDA on Friday. They are expected to put the US all wheat area around a million acres higher than they said in March at 56.9 million acres. Corn plantings are only expected to show a modest increase by most, although one or two think that up to a million acres more there could also be on the cards.
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