28 February 2015 | Online since 2003



4 year lows for London and Paris wheat


EU grains closed mostly lower with Nov 14 London wheat down GBP2.50/tonne at GBP122.10/tonne, Nov 14 Paris wheat was down EUR5.00/tonne to EUR170.50/tonne, Aug 14 Paris corn fell EUR0.75/tonne to EUR162.75/tonne and Aug 14 Paris rapeseed rose EUR7.75/tonne to EUR325.00/tonne.

For both London and Paris wheat these were new 4-year lows.

The HGCA said that the UK grain harvest was already around 20% complete, double the norm for the end of July.

"Harvesting of winter barley and winter oilseed rape is nearing completion in the southern half of England and has started further North and into Scotland and Wales. Harvesting has commenced in Southern regions on wheat, spring barley and some oats," they said.

Nationally they said that the winter OSR harvest was now 75% done, along with 85% of the winter barley crop. Yields of the latter were described as "well above average".

"Winter barley yields are good, averaging 7.2-7.4 MT/ha, whilst winter oilseed rape yields are averaging 3.4-3.6 MT/ha," they reported.

It's still too early to suggest where winter wheat yields will end up. "There has been a great deal of variability in the early yields with some of the lightest land in the Eastern region yielding just 4.5 MT/ha, whilst heavier land in the same region is yielding 9.0-9.6 MT/ha. In the West Midlands and Yorkshire and Humber, some of the best crops have yielded up to 11-12 MT/ha," they added.

"Early quality data for milling wheat is showing some high Hagberg falling numbers," they said. That could be good news for milling wheat growers, with France (and possibly others too) said to be suffering problems with low Hagberg levels this year.

Note though that there is no sign of a minimum Hagberg level within the terms of the Paris milling wheat contract.

As was widely expected, there was no eleventh hour deal or last minute reprieve, Argentina defaulted on it's debt to the "hedge fund vultures" early this morning. The trade is still wondering what this means for global trade in wheat, corn and soybeans.

Argentina are expected to be the world's 7th largest exporter of wheat in 2014/15, and the 3rd largest for both corn and soybeans. They are also the biggest global exporter of soymeal, set to ship a larger volume than the US and Brazil combined in 2014/15, according to the latest projections from the USDA.

The trade is also considering the possible ramifications of an intensifying of Western sanctions against Russian banks, and how that might possibly disrupt global trade in wheat in particular. Russia are forecast to be the world's joint fourth largest wheat exported in 2014/15.

Certainly they look like having plenty of wheat to sell this year. The 2014 Russian wheat harvest is 41.3% complete, already producing a crop of 38 MMT with average yields up 19.8% at 3.63 MT/ha.

MDA CropCast today raised their forecast for the Russian 2014 wheat crop by 1.2 MMT from last week, saying that drier weather will favour winter wheat drydown and harvesting. Spring wheat growth will be finishing up, they also noted.

Download



Comments


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

To post comment without approval login or register

Display name

Please enter your name

Email (optional)
Comment

Please enter your comment

Post Comment

Your comment submitted successfully.Please wait for admin approval.

Some error on your process.Please try one more time.



Jobs


17 February 2015
Business Operations Administrator
The key function of this role is to support the Managing Director with the management of their dairy, expenses and general ad...

12 February 2015
Office Administrator
An opportunity for an Administrator has arisen within this leading farm software company. Flexible approach and a willingness...

22 February 2015
Poultry Production Apprentice
City & Guilds Level 2 Diploma in Agriculture (Poultry Production). Food and Drink, Manufacturing, Agriculture (Livestock)...

11 February 2015
Supply Teachers
Orley Farm School is committed to safeguarding and promoting the welfare of children, and applicants must be willing to under...

25 February 2015
Lean Coordinator
Home to some of the UK's leading dairy brands, including Cravendale, Anchor, Lurpak and Tickler, Arla Foods is the UK's numbe...




Top stories you may have missed
2 February 2015 | Arable
Is EU membership damaging UK farming?

Is EU membership damaging UK farming?

Membership of the EU is damaging the British farming industry, according to...


29 January 2015 | Machinery and Equipment
Drones 'rapidly changing' agriculture

Drones 'rapidly changing' agriculture

BASIS has launched an accreditation for pilots of Unmanned Aerial Systems (...


23 January 2015 | Arable
UK wheat yields have potential to double

UK wheat yields have potential to double

UK wheat yields have theoretical potential to more than double over the nex...


23 January 2015 | Machinery and Equipment
Crowds flock to LAMMA 2015

Crowds flock to LAMMA 2015

Britain’s farmers flocked to Peterborough for the first day of LAMMA’15 to ...


22 January 2015 | Cattle
Don't blame supermarkets for milk crisis...

Don't blame supermarkets for milk crisis...

The crisis in the dairy industry is not the fault of supermarkets, accordin...


16 January 2015 | CLA
Families affected by HS2 face 'major wor...

Families affected by HS2 face 'major wor...

Transport Minister Baroness Kramer visited three rural businesses in Cheshi...


16 January 2015 | Machinery and Equipment
John Deere unveil new 6R tractor range

John Deere unveil new 6R tractor range

Spearheading the John Deere range of mid-size tractors from Mannheim, the n...


14 January 2015 | Animal Health
Monthly TB checks more effective than ba...

Monthly TB checks more effective than ba...

Regular testing for bovine TB could significantly reduce the number of infe...


12 January 2015 | News
Government regulations hampering UK agri...

Government regulations hampering UK agri...

Single-issue policy-making threatens to hamper, not help, the progress of U...


8 January 2015 | Cattle
2015: The year ahead for the beef market

2015: The year ahead for the beef market

2014 has been a “rocky old year” for the beef industry but better prices ar...