- Location
- UK
Cereals
In a dearth of fresh fundamental news, the weakness in the Sterling against both the euro and the US dollar lent support to domestic values with May-19 LIFFE feed wheat continuing to recover from a near 10-month low.
According to today's European Commission Mars crop monitoring report, 'winter crops are advanced and in good shape in most of Europe', adding that 'large parts of southern Europe experienced a precipitation deficit and more rain is needed to sustain good crop growth'. It pegged the 2019 EU soft wheat yield at 6.04T/ha ie +7.4% from a year ago and +1.7% compared to the 5-yr average (more info click here).
After touching a near 3-week high of189.75€/T, May-19 Matif wheat finally ended the day down across the board in the wake of Chicago.
Despite widespread excessive rainfall/snow across the Plains and the Midwest, US markets started the week on a negative note with traders awaiting further news regarding a potential trade agreement between the US and China.
According to Friday's CFTC COT report, money managers were net sellers of more than 81K contracts of CBOT corn in the week ending Mar 12th and as a result, they were holding a record net short position of nearly 258K lots (futures + options).
Ethiopia is in the market for 400KT of wheat.
Weekly EU trade update:
wheat exports: 246.3KT | total: 13.0MMT ie -11.4% or -1.7MMT from LY.
barley exports: 4.6KT | total: 3.2MMT ie -25.4% or -1.1MMT from LY.
maize imports: 321.9KT | total: 17.5MMT ie +40.9% or +5.1MMT from LY.
Oilseeds
EU rapeseed continued lower for a third consecutive session in the wake of the US soybean complex, palm oil and after the European Commission reported more than 125KT of rapeseed imports this week, a 7-week high.
In its first projection for the 2019 harvest, the European Commission pegged the EU rapeseed yield at 3.19T/ha ie +11.9% compared to last year's disastrous crop and against the 5-year average of 3.23T/ha.
Money managers were net sellers of nearly 40K lots of CBOT soybeans in the week ending Mar 12th, according to the most recent data from the CFTC. They were net short of more than 90K lots (futures & options), a record for this time of the season amid the ongoing US-China trade issues.
Weekly EU oilseeds imports:
Soybeans: 218.4KT | 2018/19 total: 10.2MMT (+10.6% year-on-year);
Rapeseed: 125.1KT | total : 3.3MMT (+7.2% year-on-year);
Soymeal: 245.3KT | total : 12.4MMT (-9.1% year-on-year).
Futures & Options prices
CRM Agri Grain Marketing Training Course:
"A highly valuable day for our business. It provided us with confidence to make decisions and manage price volatility. A clear and simple explanation on a complex topic has no doubt helped to transform the way we market our grain.”
Pete Collins, Partner, MJ & SC Collins
To receive our daily news wrap straight into your inbox every evening, sign up for free here
In a dearth of fresh fundamental news, the weakness in the Sterling against both the euro and the US dollar lent support to domestic values with May-19 LIFFE feed wheat continuing to recover from a near 10-month low.
According to today's European Commission Mars crop monitoring report, 'winter crops are advanced and in good shape in most of Europe', adding that 'large parts of southern Europe experienced a precipitation deficit and more rain is needed to sustain good crop growth'. It pegged the 2019 EU soft wheat yield at 6.04T/ha ie +7.4% from a year ago and +1.7% compared to the 5-yr average (more info click here).
After touching a near 3-week high of189.75€/T, May-19 Matif wheat finally ended the day down across the board in the wake of Chicago.
Despite widespread excessive rainfall/snow across the Plains and the Midwest, US markets started the week on a negative note with traders awaiting further news regarding a potential trade agreement between the US and China.
According to Friday's CFTC COT report, money managers were net sellers of more than 81K contracts of CBOT corn in the week ending Mar 12th and as a result, they were holding a record net short position of nearly 258K lots (futures + options).
Ethiopia is in the market for 400KT of wheat.
Weekly EU trade update:
wheat exports: 246.3KT | total: 13.0MMT ie -11.4% or -1.7MMT from LY.
barley exports: 4.6KT | total: 3.2MMT ie -25.4% or -1.1MMT from LY.
maize imports: 321.9KT | total: 17.5MMT ie +40.9% or +5.1MMT from LY.
Oilseeds
EU rapeseed continued lower for a third consecutive session in the wake of the US soybean complex, palm oil and after the European Commission reported more than 125KT of rapeseed imports this week, a 7-week high.
In its first projection for the 2019 harvest, the European Commission pegged the EU rapeseed yield at 3.19T/ha ie +11.9% compared to last year's disastrous crop and against the 5-year average of 3.23T/ha.
Money managers were net sellers of nearly 40K lots of CBOT soybeans in the week ending Mar 12th, according to the most recent data from the CFTC. They were net short of more than 90K lots (futures & options), a record for this time of the season amid the ongoing US-China trade issues.
Weekly EU oilseeds imports:
Soybeans: 218.4KT | 2018/19 total: 10.2MMT (+10.6% year-on-year);
Rapeseed: 125.1KT | total : 3.3MMT (+7.2% year-on-year);
Soymeal: 245.3KT | total : 12.4MMT (-9.1% year-on-year).
Futures & Options prices
CRM Agri Grain Marketing Training Course:
"A highly valuable day for our business. It provided us with confidence to make decisions and manage price volatility. A clear and simple explanation on a complex topic has no doubt helped to transform the way we market our grain.”
Pete Collins, Partner, MJ & SC Collins
To receive our daily news wrap straight into your inbox every evening, sign up for free here