17-04-2014 09:33 AM | Arable, Cereal, Crops, Market Reports, News

Corn import licences outstripped those for wheat imports



EU grains closed mixed with May 14 London wheat up GBP0.85/tonne to GBP170.25/tonne, and with new crop Nov 14 London wheat closing GBP0.20/tonne weaker at GBP159.85/tonne. May 14 Paris wheat closed EUR2.75/tonne lower at EUR218.50/tonne, Jun 14 Paris corn was up EUR0.25/tonne at EUR189.50/tonne, whilst May 14 Paris rapeseed rose EUR4.25/tonne to close at EUR424.00/tonne.

Paris wheat fell from yesterday's 11-month high on consolidation/profit-taking, whilst old crop London wheat continues to firm on tight availability.

Customs data showed that UK wheat imports fell to only 82 TMT in February, down 68% versus 12 months previously, and the smallest monthly volume since June 2012.

That takes UK wheat imports for the season so far to 1.55 MMT versus 1.87 MMT this time a year ago.

The data also shows that February UK corn imports were 172.5 TMT, taking the 2013/14 marketing year to date import total to 1.61 MMT, up 45% versus 1.11 MMT at the same point in 2012/13.

The German Farmers Co-operative raised their forecast for the 2014 wheat crop there by 100 TMT from last month to 24.74 MMT, although that's still a 1% fall on last year's production.

They trimmed slightly their 2014 rapeseed production forecast from 5.57 MMT to 5.54 MMT, a 3.9% decline versus 2013.

"Plants are in an overall good condition," they said, noting that recent rain has alleviated some winter dryness concerns.

EU wheat exports are finally showing signs of slowing down a little. Brussels granted 412 TMT worth of soft wheat export licences this past week, down from 585 TMT a week previously and 596 TMT the week prior to that. Corn import licences meanwhile outstripped those for wheat imports at 497 TMT this past week, up from 347 TMT a week previously and versus 391 TMT for the previous week.

Total EU soft wheat exports for the marketing year to date now stand at a record 24.3 MMT, up 49% versus a year ago. Corn imports are at 11.3 MMT, a 23% rise on last season.

Jordan bought 100 TMT of optional origin feed barley in a tender for Jun/Jul shipment.

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