- Location
- UK
Cereals
Oilseeds
- The World's grain markets, UK included, drifted lower as bumper world wheat supply weighed on prices.
- Euronext Milling Wheat is feeling the pressure as Northern France wheat cargos start to arrive.
- US Crop tour shows encouraging corn yield potential in Indiana, some crop damage in Eastern Nebraska.
- Egypt’s GASC launched a wheat tender last night and Black Sea wheat is well placed to win (results out this evening).
- Russia are expecting record grain exports in August due to bumper crops.
- Ukrainian analyst raised Ukraine’s grain harvest production forecast to 62.7MlnT from 60 LM of which 26MlnT of wheat & 9.6MlnT of Barley as yields better than expected. Grain exports raised to 40.7MlnT from 38.5 LY.
- Jordan makes no purchase in 100kT wheat tender and reissues with 30th Aug deadline.
- Statistics Canada Production estimates (Visit http://www.crmagri.co.uk/statistics-canada-production-estimates/ for price impact):
- Wheat 30.49MlnT +10.5% yoy (30.4MlnT av. Trade est.) [See chart of the day].
- Barley 8.7MlnT +5..8% yoy.
- Corn 12.3MlnT -8.9% yoy.
Oilseeds
- A lacklustre day for OSR which traded either side of unchanged (veg oils traded lower but soybeans rallied back up) but the pound's strength weighed on UK prices.
- Egypt's GASC bought 10kT of sunflower oil in tender.
- US Crop tour shows encouraging soybean pod counts in East Nebraska.
- Statistics Canada Production estimates (Visit http://www.crmagri.co.uk/statistics-canada-production-estimates/ for price impact):
- Canola 17.02MlnT -1.2% yoy (18.1MlnT av. Trade est.)
- Soybeans 5.8MlnT -6.% yoy.
- Sterling up again despite the general dollar strength as UK export orders hit 2-year highs.
- Crude oil stabilised as market eyes weekly data.
- Lactalis ready to discuss milk prices with French farmers.
- Chinese company Cofco will buy the remaining stake in Nidera to take full ownership.