OSR rallies on higher rape oil price in Rotterdam

CRM AgriCommodities

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Arable Farmer
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Cereals


  • Without a doubt, Russia continues to dominate the global wheat market after securing a further 120KT purchase from Egypt's GASC today. The average FOB price paid was nearly $2.20/T lower than mid-October at $196.50. Interestingly, it was the smallest wheat purchase since Jan 20th [See Chart of the day #1].
  • With fierce competition from the Black Sea, global wheat futures continued lower for a 2nd consecutive day with Dec-17 CBOT wheat trading below the $4.20/bu mark although it recouped most the losses by the close.
  • The EU origin could get some attention from major importers with the euro still trading below the $1.16 mark - the result of the Algerian wheat tender is awaited whilst Tunisia is in the market for more than 200KT of EU wheat [Source: Reuters].
  • It was another 'wait and see' session for CBOT corn ahead of tomorrow's November WASDE report in which the USDA is expected to raise its US corn yield estimate.
  • In an effort to protect its domestic market and farmers, India doubled its wheat import taxes to 20%.
  • From Jan 3rd 2018, Euronext intends to release every Wednesday a 'commitments of traders' report similar to the one published by the US CFTC.
  • Jordan purchased 50KT of barley.

Oilseeds
  • New day and new rise for EU rapeseed which reached a fresh near 8-month high on the Feb-18 contract of 389€/T. The lack of physical sales from farmers combined with a supportive veg oil complex continue to be the main catalysts.
  • In Australia, our contacts report yields coming off below last year whilst the oil content seems to be promising.
  • CBOT soybean treated water today ahead of an expected supportive WASDE report with a further reduction in the US soybean yield although stocks will still be higher than last campaign.
  • China imported 5.86MlnT of soybeans in October i.e. a reduction of 28% from September but still 12% more than last year [See Chart of the day #2].
  • WTI prices flirted with the $58/bbl level for the first time since July 1st 2015 in the early trading hours but they could not keep momentum and turned lower after the EIA reported an unexpected 2.2Mbbl rise in US crude inventories against a 2.9Mbbl reduction forecast.
Chart of the day #1: Egypt's GASC wheat imports

Chart of the day #2: China soybean imports

Futures & Options prices
 

SFI - What % were you taking out of production?

  • 0 %

    Votes: 79 42.0%
  • Up to 25%

    Votes: 66 35.1%
  • 25-50%

    Votes: 30 16.0%
  • 50-75%

    Votes: 3 1.6%
  • 75-100%

    Votes: 3 1.6%
  • 100% I’ve had enough of farming!

    Votes: 7 3.7%

Red Tractor drops launch of green farming scheme amid anger from farmers

  • 1,292
  • 1
As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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