Today :

Euro /dollar : 1.3245
CRB Index : 315 points
Crude oil : 98.88 $/b

Paris: Preopening

Wheat: unchanged
Rapeseed:  unchanged
Corn: unchanged

Chicago: Preopening

Wheat: +1 cent
Corn: -2 cents
Soybean: -2 cents

European Market

The market showed signs of hesitation yesterday as grain prices consolidated. The current cold conditions on Europe continue to underpin the market but the stronger Euro weighed on European prices. Moreover market operators are now awaiting the USDA report to be published tomorrow, and to a lesser extent the new figures of France Agri Mer. This explains why prices evolved only slightly yesterday.

Given the current context of firm prices, importing countries set new tenders such as Tunisia for 50 000 t of wheat. Algeria seeks 100 000 t of wheat for loading in April.

Despite a bounce observed on crude oil prices yesterday in New York, vegetable oil prices were unchanged. Thus the oilseed complex was not very active despite the fundamental tension observed on these products.

In the current context of high volatility on the agricultural markets, follow our weekly Agritel International Report. For further information, click Here

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Wheat, harvest 2011, trades at €210/t on a July basis for standard quality, delivery Rouen in February/March.

Chicago wheat trades at an equivalent of €185.56 €/t for March 2012 delivery.

Durum wheat trades at €285/t nominal delivery Port La Nouvelle.

Rapeseed market quotes at €467.00/t nominal FOB Moselle for short term delivery.

Feeding barley trades at €207/t on a July basis for harvest delivery.

Malting barley Sebastian market trades at €262/t nominal for Jan/March 2011/2012 delivery FOB Creil.

Sunflower, harvest 2011, trades at €435/t nominal equivalent Saint-Nazaire.

Corn, 2011 harvest, trades at €207/t on a July 2011 basis FOB Bordeaux

The feeding pea market trades at €230/t nominal, August 2011 basis FOB Creil.

 

American Market

Market operators adjust their position in the market ahead of the February USDA report to be published tomorrow. Production estimates for South America will be closely watched. All market operators consider that the USDA needs to revise downwards its production estimates both for corn and soybean.

Given the tight stocks for US corn, and high levels of demand on the export scene for this product, corn prices remain firm and especially for the new campaign. It is thus likely that corn acreages will increase next spring and reach new records.

Corn, March 2012 contract, closed at $ 6.4225/bushel, -2.00 cents from previous trading day.

Wheat, March 2012 contract, closed at $ 6.6225/bushel, -6.25 cents from previous trading day.

Soybeans, March 2012 contract, closed at $12.3200 /bushel, -1.00 cents from previous trading day.

Soymeal, for March 2012 delivery, closed at $325.50 /t,  -2.10 USD from previous trading day.

Soy oil, for March 2012 delivery, closed at 52.17 cents/lb, +0.01 cents from previous trading day.

Black Sea Market

Cold temperatures are expected to return once again to the Black Sea region by the end of the week. The last cold wave had weakened last Friday and was followed by a snowy episode. Thus most producing regions of Ukraine and Russia are now covered by an important snow cap. Yet the regions located on the border of the Balck Sea, mostly in Southern Ukraine, are still exposed to potential winter damages given the current winds of close to 10 m/h. Barley crops are particularly sensitive.

Russia announced an export potential of 27 Mt grain, and that would be the highest level exported. In January, exports slowed down to 1.4 Mt, down as compared to December, mainly due to logistical issues linked to the cold wave. Analysts consider that 1.6-1.7 Mt will be exported in February and 2.4-2.5 Mt will be exported in March. By the end of March, Russia would then have exported 23.5 Mt grain.

Have a good day

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