Market update week 26
The rains now reaching the driest areas of the Corn Belt are reassuring, while flooding following weekend thunderstorms in the central western Corn Belt did not trigger a response. Funds also seem to be anticipating further acreage expansions next Friday in the USDA report on US corn and soybean plantings. The current warm weather in France is helping corn catch up after a late start this spring.
The rains now reaching the driest areas of the Corn Belt are reassuring, while flooding following weekend thunderstorms in the central western Corn Belt did not trigger a response. Funds also seem to be anticipating further acreage expansions next Friday in the USDA report on US corn and soybean plantings. The current warm weather in France is helping corn catch up after a late start this spring.
Lower prices attract wheat buyers. Algeria is holding a tender to buy wheat at the ports of Tenes and Mostaganem today. Yesterday, Egypt bought another large quantity of wheat, 470,000 tonnes for August-September. This was all from the Black Sea, with 50,000 tonnes of Bulgarian wheat, 60,000 tonnes of Ukrainian wheat, 180,000 tonnes of Romanian wheat and 180,000 tonnes of Russian wheat.
Lower prices attract wheat buyers. Algeria is holding a tender to buy wheat at the ports of Tenes and Mostaganem today. Yesterday, Egypt bought another large quantity of wheat, 470,000 tonnes for August-September. This was all from the Black Sea, with 50,000 tonnes of Bulgarian wheat, 60,000 tonnes of Ukrainian wheat, 180,000 tonnes of Romanian wheat and 180,000 tonnes of Russian wheat.
Soft wheat quality remained stable last week, according to FranceAgriMer, with 62% « good to excellent’, compared to 83% last year so far. The same goes for durum wheat, with 63% « good to excellent », compared to 77% last year. Winter barley lost 1 point during the week to 64% « good to excellent »compared to 84% last year. Spring barley, which had held up well so far, also dropped 2 points during the week to 73% « good to excellent », compared to 77% last year to date. Corn seeding rose 2 points over the week to reach 99%, with 93% of plants raised compared with an average of 100% so far.
Soft wheat quality remained stable last week, according to FranceAgriMer, with 62% « good to excellent’, compared to 83% last year so far. The same goes for durum wheat, with 63% « good to excellent », compared to 77% last year. Winter barley lost 1 point during the week to 64% « good to excellent »compared to 84% last year. Spring barley, which had held up well so far, also dropped 2 points during the week to 73% « good to excellent », compared to 77% last year to date. Corn seeding rose 2 points over the week to reach 99%, with 93% of plants raised compared with an average of 100% so far.