Grain trends: markets flat but some concerns simmering
There is a level of concern brewing in grain markets about potential weather concerns in parts of Europe and the possible escalation of the Russia-Ukraine conflict.
Many crops on the continent suffered patchy establishment because of drought and weaker plants may be more vulnerable to tough winter weather.
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Global grain markets remained more or less flat over the past week. Currency gave some ups and downs, but there was nothing to generate a significant shift in either direction.
The recent AHDB report suggests that markets are watching Russian exports once again, with a return to speculation of a slowdown following news that some of Egypt’s most recent wheat purchases are from the US.
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This report also expresses rising concern about the condition of some winter crops in parts of the EU and eastern Europe. This is seen as being more susceptible to winter damage. There is also concern over the escalation of tensions in the Black Sea region.
Nearby demand for oilseed rape appears to be limited, partly as a result of low water level in the Rhine hampering transport to refineries. But prices for next harvest are relatively strong on the back of concerns for EU output, resulting from dryness and establishment issues. Future prices increased this week ahead of the G20 summit, in anticipation of talks between US and China and a possible resolution of current trade issues.
Native prices remain broadly similar, with nearby wheat and barley put at €215 to €220/t from here to May. The market sees barley and wheat as being too expensive and the use of maize is being maximised.
Forward price for November 2019 puts wheat at €192 to €194/t and barley at €185/t.
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Title: Grain trends: markets flat but some concerns simmering
There is a level of concern brewing in grain markets about potential weather concerns in parts of Europe and the possible escalation of the Russia-Ukraine conflict.
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Global grain markets remained more or less flat over the past week. Currency gave some ups and downs, but there was nothing to generate a significant shift in either direction.
The recent AHDB report suggests that markets are watching Russian exports once again, with a return to speculation of a slowdown following news that some of Egypt’s most recent wheat purchases are from the US.
This report also expresses rising concern about the condition of some winter crops in parts of the EU and eastern Europe. This is seen as being more susceptible to winter damage. There is also concern over the escalation of tensions in the Black Sea region.
Nearby demand for oilseed rape appears to be limited, partly as a result of low water level in the Rhine hampering transport to refineries. But prices for next harvest are relatively strong on the back of concerns for EU output, resulting from dryness and establishment issues. Future prices increased this week ahead of the G20 summit, in anticipation of talks between US and China and a possible resolution of current trade issues.
Native prices remain broadly similar, with nearby wheat and barley put at €215 to €220/t from here to May. The market sees barley and wheat as being too expensive and the use of maize is being maximised.
Forward price for November 2019 puts wheat at €192 to €194/t and barley at €185/t.
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