04 July 2015 | Online since 2003

EU wheat futures slump to 4 year lows



30 July 2014 09:46:00|Arable,Cereal,Crops,Market Reports,News

EU wheat futures slump to 4-year lows


EU wheat futures slumped to fresh 4-year lows on harvest pressure and rising production estimates coming out of Russia and Ukraine.

The day ended with new crop Nov 14 London wheat closing GBP1.55/tonne lower at GBP123.95/tonne, Nov 14 Paris wheat was EUR3.25/tonne weaker at EUR175.00/tonne, Aug 14 Paris corn was up EUR2.25/tonne to EUR162.00/tonne (although new crop months were mostly lower) and Aug 14 Paris rapeseed fell EUR0.50/tonne to EUR319.50/tonne.

UkrAgroConsult raised their forecast for the Ukraine 2014 grain crop to 57.4 MMT, a 4% increase on their previous estimate. The increase was largely due to the better than anticipated yields being achieved this year, they said.

They now see 2014/15 Ukraine grain exports at 31.7 MMT, a 2 MMT hike on their previous estimate. That includes wheat exports of 9.5 MMT versus a previous estimate of 9.0 MMT and up compared to 2013/14 exports of 9.2 MMT.

The Ukraine analyst also raised their outlook on corn production and exports in 2014/15 to identical levels to the records set in 2013/14.

The Ukraine Ministry said that the early grains harvest, which excludes corn, had been completed on 7.1 million ha, producing a crop of 23.6 MMT to date. That total includes 16.3 MMT of wheat and 6.8 MMT of barley. Yields thus far are averaging 3.33 MT/ha, up nearly 10% on a year ago.

IKAR yesterday estimated Russia’s 2014 wheat crop at 57.5 MMT versus a previous estimate of 56.3 MMT.

The Russian Ministry said that this year's grain harvest was 27.2% complete at 43.6 MMT, with yields averaging 3.44 MT/ha, a sharp rise of more than 23% on a year ago. The total includes 35.9 MMT of wheat off 38.9% of the planned area, with yields at 3.64 MT/ha, a 20% increase on this time last year. Barley adds a further 3.8 MMT, with yields at 3.05 MT/ha, up 33% on a year ago.

Morocco are said to be planning to lower their import duty on wheat from Sept 1, in a moved that seems to be linked to quality concerns over French wheat which could allow more grain into the country from the Black Sea.

Egypt announced a late tender for wheat for September shipment with the results expected tomorrow. Russia, Romania and Ukraine wheat all scored successes in the last GASC tender.

China is said to be buying large volumes of cheap foreign barley for import, to supplement it's virtual embargo on US DDGs. They've already taken more French barley this month than they did in the whole of 2013/14.

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


Start Date: 3 July 2015
C171: Ruminant Support Specialist

De Lacy Executive is currently searching for a Ruminant Support Specialist to promote our international client within the Sou...


Start Date: 30 June 2015
Job for  General farm worker, 300 cows Lancashire 

General farm worker required to join an enthusiastic team on a high input family dairy farm nr Lancaster. The farm has m...


Start Date: 3 July 2015
A425: UK Sales Representative - Arable Equipment - The East

De Lacy Executives client is a successful manufacturing company with a worldwide presence in drying, storage and mechanical h...


Start Date: 3 July 2015
G209: Breeding Advisor (Trainee Considered) - South West

A rare and exciting opportunity has arisen for a Dairy Breeding Advisor within an established territory which would include S...


Start Date: 14 June 2015
Arable harvest worker: job near Lincoln

Very well equipped 2000+ acre arable farm requires a harvest operator to assist small, motivated team. Duties to include corn...





Top stories you may have missed
5 June 2015 | Cattle

A strong pound and increased red meat imports coupled with a plentiful dome...


5 June 2015 | Arable

Depression is affecting Wales' farming industry and there is a need to use ...


5 June 2015 | Arable

With just one week to go before the final judging and announcement of the w...


5 June 2015 | Finance

A rural law expert has highlighted the importance of good succession planni...


5 June 2015 | Farmshops

A south Yorkshire dairy farming family is pulling out all the stops to prom...


4 June 2015 | Finance

Predicting what is going to happen to wheat prices is a challenge, but in s...


4 June 2015 | Agri Safety

A Lancashire based livestock theft prevention scheme is aiming to go nation...


4 June 2015 | News

A female farmer has been recognised by the farming and conservation industr...


4 June 2015 | Finance

The new Conservative government appears to be preparing to implement cuts f...


4 June 2015 | Arable

The Rural Payments Agency (RPA) will have mobile support units at the follo...