- Location
- UK
Cereals
Oilseeds
- EU and UK wheat moved higher today due to lack of farmers selling who are storing until next year in the hope of higher prices and foreign export demand before the end of the export season came to the forefront.
- German Farm Coops forecast 2016 wheat crop at 25.57MlnT v 26.1 in April and -3.7% yr on yr
- Kazakhstan see little change in grain output in 2016 versus 18.7MlnT in 2015. Wheat exports this season stand at 7.352MlnT v 5.53 last yr. (Official season est. raised 7.5 to 8MlnT).
- US Corn is 75% planted v 64% last wk & 70% 5yr av. (43% emerged).
- US Spring wheat is 89% planted v 77% last wk & 64% 5yr av. (60% emerged).
- US Winter wheat is 68% headed & rated unchanged wk on wk at 62% gd/ex v 45% same time last yr.
- Thai rice prices hit 2yr highs as drought hits production.
- Iraq extends the 50kT hard wheat tender while Jordan passes on its 100kT wheat tender.
Oilseeds
- OSR reacted to strength in the US soy sector which was reacting to money flows rather than anything fundamental today.
- German Farm Coops forecast 2016 winter OSR crop at 5.1MlnT v 5.04 in April and +1.8% yr on yr.
- UkrAgroConsult Ukraine estimates:
- 2016 OSR output may fall to 1.27MlnT from 1.74 in 2015.
- 2016 Soybean harvest raised to 4.4MlnT from 3.9 in 2015.
- 2016 Sunflower crop may rise to 12.4MlnT from 11.5 in 2015.
- US Soybeans are 36% planted v 23% last wk & 32% 5yr av. (10% emerged).
- Palm oil prices higher as demand picked up on pre Ramadan trade.
- US soymeal basis remains strong on processor downtime.
- Baltic Main Freight Index has bounced back this week to settle at 643pts today.
- Crude oil still above $49 on brent and $48 on WTI.