RSS
Twitter
Linked In
News In
Markets Extra
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Wheat export data revive in both EU and US

Twitter Linkedin

Wheat export signs have perked up on both side of the Atlantic.

 

European Union soft wheat exports for the first seven days of the month reached 335,000 tonnes – up from 18,000 tonnes the week before, if of course hardly huge by historical standards.

 

Indeed, EU soft wheat exports so far this season, at 7.01m tonnes, remain down 25% year on year.

 

Iraq order

 

For the US, meanwhile, export sales in the week to November 2 soared to 781,700 tonnes, the highest of 2017-18 (which starts in June in the US).

 

Sure, that included the 450,000 tonnes destined for Iraq, and previously reported. But it was well above trade estimates, of at best 550,000 tonnes all in, nonetheless.

 

By class hard red winter wheat came out particularly well, with sales of 509,100 tonnes, reflecting the Iraq order, with hard red spring wheat on 153,700 tonnes, and Chicago–traded soft red winter wheat on 44,600 tonnes – not huge, but a large uplift nonetheless on the week-before figure.

 

The question is whether demand will prove sustainable, with the week to November 2 one in which Chicago futures for December set a contract low of $4.16 ¼ a bushel, but currently stand 3.7% higher.

 

Huge corn order

 

The USDA data also showed monster US corn export sales, of 2.36m tonnes for this season, the biggest in a single week since January 2008.

 

The trade reflected a huge Mexican order also already reported through the USDA’s daily alerts system. Even so, the figure topped by a distance a market estimate of at best 1.60m tonnes.

 

US soybean export sales in the latest week, at 1.16m tonnes, were more disappointing, falling below expectations of 1.30m-1.80m tonnes.

 

"Large carries in the futures market and loading delays in October due to weather, low river levels in the east [Midwest] and harvest delays in the west have contributed to the slow pace," said Benson Quinn Commodities.

 

Indeed, "competitive offers still coming from Brazil have trade looking for USDA to lower export demand for 2017-18", potentially in the Wasde report later on Thursday.

Twitter Linkedin
Related Stories

Corn futures revive as US cuts inventory forecast, citing strong ethanol use

US officials cut forecasts for domestic corn stocks by more than investors had expected. But data are not so bullish for soybeans and wheat

Brazil wheat imports to hit highest in years, says Conab, cutting hopes for domestic crop

Conab raises its forecast for Brazilian wheat imports, as it warns of a "severely compromised" Rio Grande do Sul crop

Buoyant prices lift French rapeseed sowings, with wheat area a little higher too

Plantings of rapeseed in the EU’s top growing country have recovered sharply ahead of the 2018 harvest, officials say in their opening estimates

Evening markets: Ags poop party lifting other commodities, shares

Wheat futures set another contract low, while arabica coffee hits its weakest close but one in 19 months, despite buying in other asset classes
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069