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28 November 2012 10:48:43 |

USDA crop condition report 'lowest on record' for end of Nov


EU grains closed higher with London wheat posting particularly impressive gains with Jan 13 up GBP4.00/tonne to GBP224.00/tonne, May 13 up GBP3.35/tonne to GBP227.00/tonne and new crop Nov 13 GBP4.50/tonne higher at GBP196.00/tonne. Jan 13 Paris milling wheat added EUR3.50/tonne to close at EUR273.25/tonne.
Jan 13 London wheat set an all-time front month closing high, May 13 matched the contract closing high and Nov 13 set a new contract closing high.
Sharply higher US wheat futures added late support that saw all these London wheat contracts close at the highs of the day.
Another widespread round of rain brought more misery to many UK home-owners, commuters and farmers alike. An AHDB/HGCA Early Bird Survey that suggested that only 12% of the UK's planned winter wheat area remains unplanted, whilst still a significant number, was largely discounted.
Last week's Farming Online survey, estimating that currently 30% of the planned winter wheat area hasn't yet made it into the ground, is more in line with trade estimates.
Adding further support was last night's last USDA crop condition report until the spring cutting good/excellent winter wheat conditions to 33% - the lowest on record for the end of November by a staggering 10 percentage points.
Ukraine announced that it had exported 11.5 MMT of grains so far in 2012/13 - a record for this point in a marketing year. That includes 5.4 MMT of wheat, within a whisker of the government's suggested ceiling, adding weight to the belief that they will be out of the wheat export market by the end of the month.

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