Egypt's GASC buys 240KT of wheat of which 180KT French and 60KT Russian

[CRM AgriCommodities]

Despite the weakening Sterling, UK wheat continued lower today with the May-20 and Nov-20 LIFFE contracts both abandoning £1.50/T to settle at £151.00/T and £163.50/T respectively. Most of the UK will still see limited precipitation through early May according to the EC weather forecast. Euronext wheat settled higher after the GASC [Egypt's General Authority For Supply Commodities] bought 240KT of wheat of which 180KT French and 60KT Russian. The average FOB price was ~$240.50/T ie -$1.00/T on Tuesday's purchase and +$18.50/T on last year. However, gains were capped with forecasted rain across the Black Sea. Stratégie Grains raised its 2019/20 EU soft wheat ending stock estimate from 12.5MMT to 13.7MMT amid reduced demand within the bloc. The 2020 EU soft wheat production is pegged at 135MMT ie -1.7MMT on last month estimate and -11.4MMT on last year according to the same source. The German association of farm cooperatives (DRV) has cut its country's 2020 grain production forecast due to the current prolonged dry spell (full article click here). The 2020 German wheat production is seen at 22.7MMT against 23.1MMT last year. CBOT wheat continued lower for a 4th consecutive session, trading below its key 200-day EMA [exponential moving average] for the first time in nearly a month on the May-20 contract with disappointing US wheat export sales of just 178.3KT ie -31% on the previous week and -49% on the prior 4-week average. CBOT corn took a breather today despite falling export sales [906.6KT ie -51% on last week and -36% on the prior 4-week average]. Romania was reported to lift its grain export ban soon just one week after its implementation. Overview of today's US export sales [full report click here]: To find out how this impacts your business and for insights, opinions, strategies and more get in touch. Or call 01223 608910. ​ Rapeseed higher on EU production concerns Euronext rapeseed finished between 0.75€/T and 2.00€/T higher amid growing concerns about the 2020 EU harvest as well as a weakening euro against the US dollar. Weekly US soybeans export sales were poor at 244.7KT [-53% week-on-week] vs 300-600KT expected and as such CBOT soybeans fell for a 4th session in a row whist soymeal prices were unchanged. The Rosario Grain Exchange cut its 2019/20 Argentina soybean production forecast from 51.5MMT in March to 50.5MMT against 52MMT for the USDA and 49.5MMT for the Buenos Aires Grain Exchange. The latter estimates that only 29% of the soybean crop was in 'Good/Excellent' condition as of April 15th vs 31% last week and 54% last year. The harvest continues to make rapid progress: 38% complete ie +22pts on last week and compared with 34% last year and 28% on average. Palm oil futures settled at 1-month low in Kuala Lumpur after the Malaysian Biodiesel Association said it would delay its B20 [biofuel with 20% palm oil] biodiesel mandate [Source: Reuters, full article click here]. To find out how this impacts your business and for insights, opinions, strategies and more get in touch. Or call 01223 608910. ​ Charts relevant to your grain prices: ​

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