Sixth higher close in a row for London wheat
This was the sixth higher close in a row for London wheat as UK farmers understandably remain reluctant sellers until the crop is in the barn and they know what they are dealing with.
Big question marks remain over both quality and quantity this year. There is also a large open interest in excess of 1 MMT in front month November, some are already wondering how much of this season's crop will even reach futures quality criteria, let alone make milling standard.
FC Stone revised their estimate for UK 2012 wheat production to 14.0 MMT, down 1.0 M from their previous estimate and 8.5% lower than last year despite a small increase in planted area.
Russian grain stocks as at Aug 1st were 27.7 MMT say the Ministry there, some 14% lower than year ago levels. Aug 1-15 grain exports were 1.3 MMT, putting them in line to ship 2.5-3.0 MMT this month to add to the 2.1 MMT exported in July.
Russia’s grain harvest is now 54% complete with average yields at 1.98 MT/ha, down 27.5% from a year ago.
The USDA last night estimated the US spring wheat crop at 79% harvested vs. 65% a week ago and vs. 40% for the 5-year average. Winter wheat harvesting is wrapping up at 97% complete.
Day one of a high profile crop tour in America estimated corn yields in Ohio this year at 110.5 bushels/acre versus 156.3 bpa last year, the current USDA estimate of 126.0 bpa and the 3-year average of 160.5 bpa.
South Dakota corn yields were forecast at 74.3 bpa, the lowest in 19 years, compared to 141.1 bpa last year, the existing USDA estimate of 98 bpa and the 3-year average of 143.9 bpa.
No comments posted yet. Be the first to post a comment
Please enter your name
Please enter your comment
Your comment submitted successfully.Please wait for admin approval.
Some error on your process.Please try one more time.
Butchers in the UK are losing a generation through lack of training opportu...
NASA research has revealed how dust blown from the Sahara desert helps supp...
“In the run up to the Budget 2015 most commentators were predicting that th...
The UK’s first fully operational floating solar panel system has been unvei...
Axing the badger cull in England and Wales will save more than £120 million...
By 2025, solar power could become one of the cheapest forms of energy in ma...
Demand for Scottish farm land remains strong and continues to be better val...
The Welsh red meat industry should aim to increase sales by at least 34 per...
Fears about the impact that a proposed transatlantic trade agreement could ...