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Euro /dollar: 1.2866
CRB index: 286.25 points
Crude oil:   95.29 $/b

   

Paris: Preopening

Wheat: +1 to +2 €/t
Rapeseed: +1 €/t
Corn: +1 €/t
 
Chicago: Preopening

Wheat: +8 cents
Corn: +2 cents
Soya: +5 cents

European Market

Cash markets for the 12/13 campaign are now narrow with prices highly volatile for front deliveries. For the 13/14 campaign, the weather market in Southern Russia still dictates the fluctuation of prices. Rainfalls haven’t been sufficient enough to be fully optimist about the crop potential. In the south of Russia, rains brought between 0.25 and 0.5 inches of water, equivalent of 6-12 mm.

Brussels delivered this week certificates to export 213,000 tons of wheat. This brings the total since the beginning of the campaign to 17.4 Mt against 11.8 Mt last year at the same period. In barley, the licenses concerned 103,000 tons this week for a total of 4.4 Mt versus 2.7 Mt last year. The EU also granted import certificates for 187,000 tons, bringing the total so far this season at 9.85 Mt, compared to 4.9 Mt at the same point last year.

The US dollar is still firm versus the Euro, despite disappointing US economical indicators yesterday.

The rapeseed prices moved higher yesterday for the new crop. After some relief, new rainfalls are expected for the weekend in Canada and could disturb the canola plantings progress.

 

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Prices provided below are for the 2012 harvest.

 

Wheat, harvest 2012, quotes at 232 €/t on a July basis for standard quality, delivery Rouen at the harvest.

Chicago wheat trades to an equivalent of 196 €/t for July 2013 delivery.

Durum wheat trades at 258 €/t nominal delivered Port La Nouvelle.

Rapeseed quotes at 455/460 nominal FOB Moselle harvest 2012, May/June 2013 delivery.

Feeding barley for deliveries in May/June 2013 quotes at  193 €/t nominal on a July basis.

Malting barley Sebastian market for deliveries in May/June quotes at 207 €/t nominal for new harvest FOB Creil.

Sunflower, harvest 2012, quotes at 455 €/t nominal equivalent Saint-Nazaire.

Corn, 2012 harvest, trades at 211 €/t on a July 2012 basis FOB Bordeaux

The feeding pea market trades at 260 €/t nominal, August 2012 basis FOB Creil.

 

American Market

The US grains markets were down yesterday as they confirmed some progress in spring plantings despite new rainfalls expected for the weekend. Unlike grains, the soybean market rose. In this context where corn plantings progress, there might be less switch from corn to soybean in the acreage. Operators now think that corn plantings are 60% complete.

The weekly export figures were lower than expected in soybeans, wheat and corn.

Yesterday, the funds sold 7,000 contracts of corn and 4,000 contracts of wheat. They also purchased 5,000 contracts of soybeans.

 

Corn July 2013, closed at 6.415 $/bushel, -9.25 cents from previous day.

Wheat July 2013, closed at 6.8775 $/bushel, -6 cents from previous day.

Soybeans July 2013, closed at 14.275 $/bushel, +14.75 cents from previous day.

Soy meal July 2013, closed at 414.9 $/short tons, +4.4 $ from previous day.

Soy oil July 2013, closed at 49.52 cents/lb, +0.17 cents from previous day.

 

 

Black Sea Market

At the moment, everyday looks the same in the Black Sea region. The rainfalls haven’t been sufficient enough to reverse the water deficit, especially in Southern Russia. It could hinder proper implementation of the latest sown crops and the development of good crops already lifted. In Ukraine, as in the far south of Russia, the rains have finally allowed to melt the fertilizer, didn’t allow to moisten the seed bed throughout its depth. However, forecasts suggest rainfalls for the weekend.

In this context, crop conditions in Russia are a concern.  Farmers in the Voronezh region agree that the harvest will be disappointing this year.
In Kazakhstan, the conditions remain favorable for crop development, which has also been confirmed yesterday by the Minister of Agriculture.

 

 

Have a good day

AGRITEL

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