HROC (agency) - Kubota
Farminguk
28 August 2016 | Online since 2003
Scrutton Bland


14 December 2012 09:47:43 |

Grains Market Report - 14th December 2012


Jonathan Lane, Gleadell’s trading manager, comments on grain markets.
Wheat
The US market has continued to weaken over the past week, not helped by a negative USDA report on Tuesday.
A cut in the US export projection (albeit only 1.36mln t), was enough to trigger fund long liquidation as prices traded through long-term support levels. Over the past week, CBOT MAY13 has fallen just over 40c/bushel ($15 per tonne).
EU wheat has followed the US market lower, although a firmer € against the US$ has resulted in MATIF wheat only falling $7 over the period. EU wheat remains supported by increased export demand driven by weather-related supply problems for other major exporting countries, leading to the French farm office AgriMer raising its forecast of French wheat exports outside of the EU to 10mln t for the 2012/13 season.
Within the UK, the festive ‘wind-down’ seems to have started, with little demand interest and less active farmer selling.
The HGCA has published its definitive results for the 2012 crop, placing mean specific weight at 69.9kg/hl, down from the 5-year average of 76.7kg/hl and the lowest value ever recorded. (NABIM G1 and G2 only recorded specific weight over 76kg/hl on 8 and 9% of samples respectively).
By contrast, average protein content is relatively high, estimated at 12.5% compared with the 5-year average of 11.8%.
Although the USDA report was negative, the recent weakness may have been exaggerated. Black Sea wheat exports are all but over, Australian quality issues, reports that the Argentine government may lower the wheat export volume to 4.5mln t from 6mln t previously, and French wheat ‘sold-out’ on paper, does not paint a long-term bearish scenario for US wheat.
Recent losses and the weak US$ should generate some extra demand but, until tenders are issued and there is confirmation of US supplies being sold, lower prices may occur before any potential market recovery.

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


Canada | 26 August 2016
Canadian beef exports to EU in limbo over E. coli dispute

If differences of opinion over food safety practices are not resolved, the big promises of a new European market for Canadian beef may be a pipe dream. The Comprehensive Economic and Trade Agreemen...


India | 26 August 2016
GM mustard clears hurdle in India but more remain

A government panel has cleared commercial use of what would be India's first genetically modified (GM) food crop, but politicians still have to give final approvals amid wide-spread public opposition....


USA | 26 August 2016
USDA buys $20 million in cheese from dairy farms

Moving to bolster dairy farmers who are struggling to cope with price declines, the Agriculture Department announced Tuesday it is spending $20 million - on 11 million pounds of cheese. A taxpayer ...


France | 26 August 2016
Lactalis talks with French milk producers end with no deal

A meeting between Europe's largest dairy group Lactalis and French milk producers requesting a rise in prices ended in a deadlock after 10 hours of negotiations, sources close to the talks said. ...


USA | 26 August 2016
California farmers turn to sewers for water

California's prolonged drought is forcing Central Valley farmers to scramble for water to irrigate crops. They have to be creative. One agency is even turning to a sewage plant to meet demand. Just...



Trending Now

Viewed
Discussed


Top stories you may have missed
FarmingUK
FarmingUK Logo

FarmingUK

The British public are overwhelmingly in favour of keeping or strengthening...


FarmingUK
FarmingUK Logo

FarmingUK

The sustained recovery of pig prices since the spring has come at a time wh...


FarmingUK
FarmingUK Logo

FarmingUK

A World Trade Organisation (WTO) panel has declared the Russian import ban ...


FarmingUK
FarmingUK Logo

FarmingUK

A new study has linked oilseed rape crops grown from neonicotinoid-treated ...


FarmingUK
FarmingUK Logo

FarmingUK

Philip Hammond is to guarantee billions of pounds of UK government investme...


FarmingUK
FarmingUK Logo

FarmingUK

Access to the foreign labour market is 'critical', according the chief exec...


FarmingUK
FarmingUK Logo

FarmingUK

The Tenant Farmers Association has said the National Trust's vision for a p...


FarmingUK
FarmingUK Logo

FarmingUK

Ulster farmers will 'not lie down and wave the white flag' when Brexit nego...


FarmingUK
FarmingUK Logo

FarmingUK

The cost of rural crime to the UK economy costs £42.5 million a year, accor...


FarmingUK
FarmingUK Logo

FarmingUK

A young farmers club member from Oxfordshire has created a petition on the ...


closeicon
Username
Password