EU Rapemeal Prices

24/10/13 -- Rapemeal prices on the continent are sharply higher versus yesterday morning. Prices began to rise mid-morning yesterday on short covering and talk of mills switching out of rapeseed crushing and into more profitable lines such as soy or sunseed.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.

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Chicago Market Ends Higher On Strong Export Demand

23/10/13 -- Soycomplex: Strong export demand underpins soybeans. The USDA reported the sale of 120,000 MT of US soybeans to Russia for 2013/14 delivery. An unusual sale, and one that was said to be the largest single Russian purchase of US beans in 12 years. The USDA attaché in Brazil estimated Brazil’s 2013/14 soybean crop at a record high 88.0 MMT, the same as the USDA themselves forecast in

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EU Grains Press Higher

23/10/13 -- EU grains closed firmer, with Nov 13 London wheat up GBP1.40/tonne to GBP166.00/tonne, Nov 13 Paris wheat EUR2.50/tonne higher at EUR207.50/tonne and Nov 13 Paris rapeseed EUR1.75/tonne steadier at EUR380.25/tonne.


The market continues to press higher, which is in line with the normal post-harvest seasonal tendency at this time of year.


The Russian grain harvest now stands at 88.5

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EU Rapemeal Prices

23/10/13 -- Rapemeal prices on the continent are mostly a tad lower. Despite recent talk of an EU climb-down, Reuters are now reporting that the EU has agreed to slap a huge import duty on biodiesel imports from Argentina and Indonesia who account for 90% of EU biodiesel imports (full story here). That should mean that Europe would produce more rapemeal.


Latest guide prices for EU rapemeal

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Chicago Mixed: Beans And Corn Lower, Wheat A Tad Higher

22/10/13 -- Soycomplex: Beans finished the day with losses of around 1-4 cents, having been down in double digits at one stage in overnight trade. Monday night's USDA crop progress report was a bit bearish, showing the 2013 US soybean harvest at 63% harvested and good/excellent conditions at 57%. Prices in excess of USD13/bu probably also generated some farmer selling. Taiwan's BSPA bought 120

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EU Wheat Mostly Lower In "No News" Trade

22/10/13 -- EU grains closed mixed but mostly lower, with Nov 13 London wheat ending GBP0.90/tonne easier at GBP164.60/tonne, whilst Jan 14 was GBP0.40/tonne down at GBP166.10/tonne. Nov 13 Paris milling wheat settled up EUR0.25/tonne to close at EUR205.00/tonne. Nov 13 Paris rapeseed was down EUR1.75/tonne at EUR378.50/tonne.


It's been a very "no news" sort of a day. Basically the market

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Grain Market Snippets

22/10/13 -- The overnight Globex grains are mostly red, with the soy complex leading the way. Front month Nov 13 beans are currently 10 1/4 cents lower, with meal down around USD2.50 and wheat shedding a 2-3 cents. Corn is narrowly mixed.


Russia's grain harvest is now 90.2% complete at 88 MMT, according to the Ministry. A year ago it stood at 71.9 MMT.


The wheat harvest is said to be 94.5%

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EU Rapemeal Prices

22/10/13 -- Rapemeal prices on the continent are mixed today, CBOT soymeal was firmer last night but is weaker in overnight trade offering little in the way of direction.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13
Unq
n/a

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Chicago Wheat Corrects Back Below USD7/bu

21/10/13 -- Soycomplex: Nov 13 beans managed to push through USD13/bu and hold - a level said to be likely to trigger producer selling in the midst of harvest. The USDA reported 235 TMT of US soybeans sold to unknown for 2013/14 shipment. Weekly export inspections of 59.325 million bushels were supportive too. Chinese customs data showed that they imported 4.7 MMT of soybeans in September, 5.4%

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It Turns Out That The Argentine Wheat News Wasn't Real - EU Wheat Ends Mostly Lower

21/10/13 -- EU grains closed mixed, but mostly mostly lower to start the week, after the Under Secretary at the Argentine Ag Ministry was revealed to have said that last Thursday night's (generally released Friday morning in Europe) surprisingly low estimate for a wheat crop there this year of only 8.8 MMT was an "honest mistake" and that errors had been made in compiling the data. He didn't give

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EU Rapemeal Prices

21/10/13 -- Rapemeal prices on the continent are firmer across the board again today, continuing with the recent theme, even though soymeal values in Chicago were down on Friday. As a percentage of soymeal cost, rapemeal prices now offer the worst value they have for 12 weeks.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous

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The Late Morning Vibe

21/10/13 -- Latest customs data out of China shows that they imported the following grains/oilseeds in September: 4.7 MMT of soybeans (down 5.4% versus September 2012), 718.5 TMT of wheat (+37%), 336.6 TMT of barley (+67.6%) and 232.8 TMT of rapeseed (+26%). Have I forgotten something? Yes, corn, the reason I nearly forgot corn is that they only imported 1,537 MT of the stuff, a 99.6% decline on

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Chicago Market MIxed, But Wheat Jumps To 4-Month Highs

18/10/13 -- General Comment: The USDA are back at work, and some data is starting to filter through. Any sales in excess of 100 TMT reported under the daily reporting system will now be relayed to the trade as normal. Missing weekly export sales reports will be released starting today, with the report for sales for the week ended Sep 26. We will get sales for the week ended Oct 3 next Thursday,

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EU Grains Jump On Argentine News - But Is It Real?

18/10/13 -- EU grains closed sharply higher, with Nov 13 London wheat up GBP3.65/tonne to GBP166.60/tonne, Nov 13 Paris wheat EUR5.00/tonne higher at EUR204.50/tonne and Nov 13 Paris rapeseed up EUR1.50/tonne at EUR378.00/tonne.

For the week, Nov 13 London wheat was up GBP3.60/tonne, with Nov 13 Paris wheat EUR5.25/tonne higher and Nov 13 Paris rapeseed EUR5.25/tonne firmer.


These were 3-

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Changes In The World Corn Market In The Last 10 Years

18/10/13 -- Further to yesterday's report on how large of a shift away from US dominance of the global grain markets have we seen over the last ten years for wheat, here's the same information relating to corn.

One of the most striking things to note is that whilst the US share of world production has fallen a little from 41% to 37% in the last ten years, America's share of world trade has

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Argentine Wheat News Lifts Market

18/10/13 -- The overnight Globex grains see wheat trade 8-10 cents firmer by mid-morning, with corn up 2-3 cents and soybeans 3-5 cents higher.


There's a feeling that the USDA could announce export sales for both corn and soybeans of around 3 MMT, along with maybe 1.5 MMT or so for wheat accumulated during the US government shut-down. When these announcements will start to trickle through is

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Chicago Soybeans Rise On Ideas USDA To Report Large Sales

17/10/13 -- Soycomplex: US government employees at the USDA were back in work, although they announced that the October WASDE report, due last Friday, would not be released at all. Although others have been delayed in the past, this is apparently the first time in the history of the report than one has been cancelled entirely. Beans closed with decent gains on ideas that the USDA will announce a

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EU Grains Treading Water

17/10/13 -- EU grains closed mixed once more, with Nov 13 London wheat settling GBP0.25/tonne lower at GBP162.95/tonne, whilst Jan 14 was GBP0.15/tonne firmer at GBP164.60/tonne. Nov 13 Paris milling wheat settled up EUR1.25/tonne to close at EUR199.50/tonne. Nov 13 Paris rapeseed was down EUR1.00/tonne at EUR376.50/tonne.


Defra said that UK wheat plantings fell 18% for the 2013 harvest to 1.6

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EU Rapemeal Prices

17/10/13 -- Rapemeal prices on the continent are little firmer today, following a steadier tone to last night's CBOT soymeal market which has followed through into overnight trade.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13

230.00


+5.00

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Changes In The World Wheat Market In The Last 10 Years

17/10/13 -- Comments made the other day by the HGCA's Jack Watts at their Outlook Conference earlier in the week got me thinking. How large of a shift away from US dominance of the global grain markets have we seen over the last ten years? So I thought I'd do a little bit of research, starting with wheat.


World wheat production has risen 28% since 2003/04, with global trade up 39% to 152 MMT.

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Chicago Close - Wednesday

16/10/13 -- Soycomplex: Beans gained back what they lost on Tuesday as US Lawmakers closed in on a deal on the US borrowing limit. A solution would mean a resumption of the regular USDA drip-feed of data concerning export sales and the like, although it is currently unclear whether we will ever see the October WASDE report. The USDA will apparently decide by the end of the week whether to release

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EU Grains End Mostly A Tad Lower

16/10/13 -- EU grains closed mixed but mostly a tad lower on the day, with Nov 13 London wheat settling GBP0.15/tonne weaker at EUR163.20/tonne, whilst Jan 14 was down GBP0.50/tonne at GBP164.45/tonne. Nov 13 Paris milling wheat was EUR1.25/tonne lower at EUR198.25/tonne whilst Nov 13 Paris rapeseed jumped EUR6.00/tonne to EUR377.50/tonne.


The Russian grain harvest now stands at 84.8 MMT off

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EU Rapemeal Prices

16/10/13 -- Rapemeal prices on the continent are mostly a touch easier today, after Chicago soymeal values fell USD5/tonne last night.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13
225.00
n/a


Nov13/Jan14
224.00

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Chicago Close Tuesday

15/10/13 -- Soycomplex: Beans closed modestly lower in directionless trade as many operators sit on the sidelines owing to the lack of fresh information from the USDA and others. The market did get some export inspection numbers from the Grain Inspection, Packers and Stockyards Administration (GIPSA). For beans they were a better than expected 47.4 million bushels (expecting 27-43 million). Dr

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London Wheat Higher, Supported By Defra Production Estimate

15/10/13 -- EU grains were mixed but mostly firmer, with Nov 13 London wheat up GBP0.85/tonne at GBP163.35/tonne and Nov 13 Paris wheat EUR0.75/tonne higher at EUR199.50/tonne. Support for London wheat came from yesterday's estimate from Defra that the 2013 UK wheat crop was only 12.1 MMT. Many in the trade had been working on a figure closer to 12.5 MMT.

"A significant decline in planted area

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Chicago Little Changed On Data Darkness

14/10/13 -- Soycomplex: Beans managed a modest rebound from Friday night's 20-month low as widespread Midwest rains are seen disrupting harvest activity. A Reuters survey estimated on average that the US 2013 soybean harvest is 45% complete. The range of estimates was a wide 35-72%, which highlights once more the degree to which the trade is stumbling along blindfolded without the USDA data to go

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EU Wheat Mixed To Start The Week

14/10/13 -- EU grains closed mixed to start the week with Nov 13 London wheat settling GBP0.50/tonne lower at GBP162.50/tonne, whilst Jan 14 was unchanged at GBP163.75/tonne. Nov 13 Paris milling wheat settled down EUR0.50/tonne to close at EUR198.75/tonne. Nov 13 Paris rapeseed was up EUR0.75/tonne at EUR373.50/tonne.


London wheat gained more than any other commodity in the grains sector last

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EU Rapemeal Prices

14/10/13 -- Rapemeal prices on the continent are little changed on old crop, and a bit weaker on new crop to start the week.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13
unq
n/a


Nov13/Jan14
223.00
unch

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Monday Morning News Snippets

14/10/13 -- The IMF chief Christine Lagarde says that the world economy could go into recession unless US politicians get their fingers out pronto. Did you see her on the news last night? I couldn't decide if it was a man, a woman or an alien. She's also the same colour as a polished Georgian yew writing bureau. With a wig on. She reminds me of someone. I've got it, it's that old woman in Tenko,

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Chicago Mixed, Possible Biofuel Target Changes Press Corn And Beans Lower

11/10/13 -- Soycomplex: We should have had the Oct WASDE report from the USDA today, but we didn't get it due to the partial government shutdown in the US. For what it's worth, the trade was said to be expecting an average 2013 US soybean yield of 41.548 bu/acre and production at 3.156 billion bushels versus 41.2 bu/acre and 3.149 billion from the USDA in September. US 2013/14 soybean ending

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EU Grains Mostly Lower On The Day, Higher On The Week

11/10/13 -- EU grains closed mixed but mostly lower on the day, but higher for the week. Nov 13 London wheat settled GBP0.25/tonne firmer at EUR163.00/tonne, whilst Jan 14 was down GBP0.25/tonne at GBP163.75/tonne. Nov 13 Paris milling wheat was up EUR0.50/tonne at EUR199.25/tonne whilst Nov 13 Paris rapeseed fell EUR5.00/tonne to EUR372.75/tonne.


For the week, Nov 13 London wheat was up

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Chicago Grains Thursday Afternoon

10/10/13 -- US Weather, from Martell Crop Projections: Indian summer weather is coming to a halt with a cold wet forecast in central United States. The first frost of the season is anticipated in the northern Midwest.
The weather is set to deteriorate today in the Northern Great Plains with a wave of strong showers. This would be followed by more wet weather on the weekend. A powerful storm

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EU Wheat Gives Up Some Gains As Egypt Cancel Import Tender

10/10/13 -- EU grains are trading higher heading into the close with Nov 13 London wheat GBP1.00/tonne firmer at EUR162.50/tonne and Jan 14 up GBP1.75/tonne at GBP163.50/tonne. Nov 13 Paris milling wheat is currently EUR0.75/tonne steadier at EUR198.25/tonne whilst Nov 13 Paris rapeseed is EUR5.00/tonne higher at EUR37.75tonne and Paris corn trades EUR0.50/tonne firmer at EUR174.00/tonne.


I'm

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EU Rapemeal Prices

10/10/13 -- Rapemeal prices on the continent are mostly a little firmer, mirroring stronger soymeal values in Chicago and Europe, despite the outlook for a record world OSR crop this year. Informa Economics now peg global OSR output at 68.7 MMT, up from 66.8 MMT previously and the USDA's September forecast of 66.5 MMT.

Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/

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Chicago Market Little Changed In The Dark

09/10/13 -- General Comment: The dollar rose from it's recent demise on news that President Barack Obama has nominated Federal Reserve Vice Chair Janet Yellen to replace Ben Bernanke at the head of the US Central Bank. Essentially the market sees Yellen as Bernanke in a dress, a woman who is unlikely to change her predecessor's relaxed stance on continued financial stimulus. The market seems to

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EU Grains Mostly Firmer As FSU Planting Delays Dominate

09/10/13 -- EU grains closed mixed, but mostly firmer, with Nov 13 London wheat settling GBP0.40/tonne higher at GBP161.50/tonne, whilst Jan 14 was GBP0.15/tonne firmer at GBP161.75/tonne. Nov 13 Paris milling wheat settled EUR1.25/tonne steadier to close at EUR197.50/tonne. Nov 13 Paris rapeseed was up EUR5.50/tonne at EUR373.75/tonne.


An enormous amount is being made of delayed FSU winter

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Stop Dithering

09/10/13 -- It might be lovely and mild out there now, but Christmas is coming sooner than you might think. In fact, it's only 76 more sleeps until Santa is attempting to squeeze his heavily laden sack down your chimney and empty it's contents all over your living room floor in front of the kids.


When you put it like that, you can see that clearly there's no time to lose if you want to get your

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EU Rapemeal Values

09/10/13 -- Rapemeal prices on the continent are weaker, following losses in soymeal values in Chicago overnight and again this morning.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13
220.00
-2.00


Nov13/Jan14
221.00

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Chicago Ends Lower On Harvest Pressure

08/10/13 -- Soycomplex: Beans closed lower on harvest pressure and continued reports of better than expected yields. The weather looks favourable for increased harvest activity in the week ahead. Dr Michael Cordonnier apparently raised his forecast for US soybean yields from 40.5 bu/acre to 41.0 bu/acre, pegging production at 3.13 billion bushels. China re-opened after a week long holiday.

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EU Grains Mixed, FSU Plantings Have Late Chance Of Progression

08/10/13 -- EU grains closed mixed, having spent much of the day higher, with Nov 13 London wheat settling GBP0.85/tonne firmer at EUR161.10/tonne and Jan 14 down GBP20.90/tonne at GBP161.60/tonne. Nov 13 Paris milling wheat was unchanged at EUR196.25/tonne whilst Nov 13 Paris rapeseed rose EUR1.50/tonne to EUR368.25/tonne.


The GFS model shows much drier conditions for Ukraine and Russia over

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Chicago Edges Higher In The Dark

07/10/13 -- Soycomplex: Beans closed mostly around the middle of the day's trading range, 1-6 cents higher. With no official USDA crop progress data to go on the trade is resorting to having to guess. A Reuters poll estimated that the US soybean harvest was possibly around 22% complete, from within a quite wide range of estimates of 16-30%. This possibly highlights how far out some trade ideas

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London Wheat Ends At Best Levels Since Late August

07/10/13 -- EU grains closed mostly higher on strong underlying interest on the international tender front and continued concerns over delayed winter wheat plantings in Russia and Ukraine.


The market closed with Nov 13 London wheat settling GBP1.50/tonne firmer at EUR160.25/tonne and Jan 14 up GBP1.75/tonne at GBP162.50/tonne. Nov 13 Paris milling wheat rose EUR1.75/tonne to EUR196.25/tonne

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EU Rapemeal Prices

07/10/13 -- Rapemeal prices on the continent are flat to slightly weaker today. Soymeal values in Chicago were the biggest winners out of a basket of grain futures last week, posting gains of 2.7% week-on-week, versus beans losing 1.9% and soyoil shedding 3.6%.



Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.

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Is The Wheat Market Getting A Little Bit Ahead Of Itself?

07/10/13 -- Yes, I know that world demand is good for wheat at the moment, but it needs to be with a record crop to place.
Will it stay so buoyant once the impending record world corn harvest is in the bin?

Whilst everyone is getting very excited about slow winter wheat plantings in Ukraine and Russia, nobody is mentioning that European plantings are running well ahead of schedule.

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Chicago Closing Comments - Friday Night

04/10/13 -- General Comment: The market continues to seem relatively relaxed about the ongoing partial US government "shutdown" and the lack of data forthcoming from the usual agencies. Today we should have had U non-farm payrolls along with the regular Friday CFTC numbers that reveal fund long or short-holdings in commodities. We didn't get them. Yesterday we missed out on the regular weekly

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EU Grains Lower On The Day. Higher On The Week

04/10/13 -- EU grains closed mostly lower on the day but higher for the week. Strong demand underpins the market, re-enforced by last night's weekly export data from Brussels showing 746 TMT of soft wheat export licences were issued this week, the best total of the 2013/14 campaign so far.


Nov 13 London wheat settled GBP0.90/tonne easier at GBP158.75/tonne, whilst Jan 14 was also GBP0.90/tonne

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EU Rapemeal Prices

04/10/13 -- Rapemeal prices on the continent are firmer, following strong gains in soymeal values in Chicago last night, although there's been a bit of a correction there in the overnight trade.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13
220.00

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Chicago Closing Comments Thursday Night

03/10/13 -- Soycomplex: Beans extended their mini rally from 19 month lows set earlier in the week, without the aid of the usual weekly export sales data from the shutdown USDA. The trade is trying to decide if Tuesday was the oft seen "October low" or if there is more downside on further harvest pressure to come yet this month. Rain is seen slowing the US harvest this weekend, although anecdotal

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EU Grains Rise On Black Sea Rains/Snow

03/10/13 -- EU grains closed higher with Nov 13 London wheat settling GBP3.05/tonne firmer at EUR159.65/tonne and Jan 14 up GBP2.90/tonne at GBP161.65/tonne. Nov 13 Paris milling wheat was up EUR2.25/tonne to EUR195.00/tonne whilst Nov 13 Paris rapeseed rose EUR0.50/tonne to EUR368.75/tonne.


The pound was a bit weaker today, aiding London wheat to jump to a near one month high. Paris wheat

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EU Rapemeal Prices

03/10/13 -- Rapemeal prices on the continent are firmer on the back of yesterday's news that Europe is considering slapping an anti-dumping tariff on biodiesel imports from the dirty cheating Argies and Indonesian rainforest clearing conglomerates.

That will potentially support the bleatings on the European biodiesel industry (which can't make a profit otherwise), and create more demand for EU

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The Rapeseed/Meal/Oil Conundrum

03/10/13 -- News yesterday that the EU is proposing to raise anti-dumping duties on biodiesel imports from Argentina and Indonesia (where 90% of EU imports come from) was cited as being responsible for Paris rapeseed rising more than EUR10/tonne at one point before settling EUR7.50/tonne firmer on the most active front month Nov 13.


The proposal will now go before the EU Anti-dumping Committee

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Chicago Flat To Higher, Corn/Wheat Differential Widens

02/10/13 -- Soycomplex: Beans closed modestly higher, with meal more impressively so and soyoil slumping to a fresh 3-year low. Midwest rains are seen disrupting the harvest this week, just as it was threatening to go full throttle. Linn Group forecast US 2013 soybean yields at 42.0 bu/acre, with production at 3.184 billion bushels. Lanworth are a bit less optimistic, forecasting a crop of 3.112

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EU Grains Rise On Bargain Hunting

02/10/13 -- EU grains closed mostly higher, recovering some of yesterday's losses, as the market sees bargain-picking with US corn levels at 3-year lows and soybean values posting 19-month lows yesterday.


The market closed with Nov 13 London wheat settling GBP1.70/tonne firmer at EUR156.60/tonne and Jan 14 up GBP1.75/tonne at GBP158.75/tonne. Nov 13 Paris milling wheat rose EUR2.50/tonne to

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EU Rapemeal Prices

02/10/13 -- Rapemeal prices on the continent are mixed today, a touch steadier nearby and a bit weaker further forward.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13
213.00
+1.00


Nov13/Jan14
215.00
+1.00

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Chicago Soybeans And Corn Extend The Rout, Wheat Swimming Against The Tide

01/10/13 -- General Comment: As if attempting to forecast which way grain prices might be going wasn't hard enough, we've now got the not insignificant outside market factor of the US budget impasse. Hitherto the market has been relatively relaxed about the fact that the US government has "maxed out" the credit card at it's USD16.7 trillion limit, it'll just go and another one or raise the

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EU Grains Mostly Lower Following Bearish USDA Report

01/10/13 -- EU grains closed mostly lower in reaction to last night's generally bearish USDA stocks and wheat production data.


Nov 13 London wheat settled GBP1.85/tonne easier at GBP154.90/tonne, whilst Jan 14 was GBP1.80/tonne lower at GBP157.00/tonne. Nov 13 Paris milling wheat fell EUR3.00/tonne to close at EUR190.25/tonne. Nov 13 Paris rapeseed was also down EUR3.00/tonne at EUR360.75/tonne

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EU Rapemeal Prices

01/10/13 -- Rapemeal prices on the continent are 3-4 euros/tonne lower today following last night's bearish USDA report for soybeans.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Oct13

212.00


-3.00



Nov13/Jan14

214.00


-4.00

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Chicago Soybeans Crash To 19-Month Low

30/09/13 -- Soycomplex: Having steadfastly stood by a 2012/13 US soybean carryout estimate of 125 million bushels for months, the USDA decided to go one better and increase that number today, coming out with a new figure of 141 million versus the 124 million average trade guess. They managed to do that courtesy of an increase in production last year, thanks to higher harvested acres and a 0.2 bu/

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EU Grains Mixed To Start The Week, FSU Wetness Concerns Remain

30/09/13 -- EU grains closed mixed with Nov 13 London wheat settling GBP0.50/tonne firmer at EUR156.75/tonne and Jan 14 GBP0.20/tonne lower at GBP158.80/tonne. Nov 13 Paris milling wheat was down EUR0.25/tonne to EUR193.25/tonne whilst Nov 13 Paris rapeseed fell EUR3.50/tonne to EUR363.75/tonne.


A USDA stocks/crop report came out too late in the day to influence the European markets too much.

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Game Changer?

30/09/13 -- As the Russian and Ukraine harvests remain at a virtual standstill due to heavy rains, winter planting is also stalled.


The Russian harvest was said to be 76% complete as of Friday, that's only up from 70.5% a week previously. The corn harvest has only moved on from 10.5% done to 13.5% complete during that time, with the sunflower harvest progressing from 11.1% to 13.9% complete.

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Chicago Wheat Up Every Day This Week

27/09/13 -- Brazilian Crop Weather: "Rainfall has begun to increase in South Brazil, improving field moisture for corn planting. Last week, scattered showers brought 0.75 to 1.5 inch of rainfall to south-eastern South America. Parana and Rio Grande do Sul, key corn states, received a good soaking rain along with eastern Argentina and Uruguay. These were the first good rains of the spring

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Paris Wheat Settles At 2-Month High On Brisk Exports And FSU Rains

27/09/13 -- EU grains closed mostly higher, encouraged by Chicago wheat rising to a two month high on the Dec 13 contract, and the best levels for a front month since June.

The market closed with Nov 13 London wheat settling GBP0.25/tonne firmer at EUR156.00/tonne and Jan 14 up GBP0.15/tonne at GBP158.05/tonne. Nov 13 Paris milling wheat rose EUR2.25/tonne to EUR193.50/tonne whilst Nov 13 Paris

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Chicago Mixed On Pre-Report Positioning

26/09/13 -- Soycomplex: Beans closed lower on fund selling/repositioning ahead of Monday's USDA stocks report. Weekly export sales for beans were robust at 2.8 MMT, with China accounting for 2.3 MT of that total. Around 2 MMT of that was already reported business from last week though. That takes cumulative sales for 2013/14 to 69% of the USDA target for the season already. The Chinese government

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EU Grains MIxed, English Wheat Yields Up 16 Percent Say NFU

26/09/13 -- EU grains closed mixed, media reports suggest that yesterday's sharp rises based on possible Argentine frost damage may have been a knee jerk reaction.


Nov 13 London wheat settled GBP0.15/tonne easier at GBP156.00/tonne, whilst Jan 14 was GBP0.25/tonne lower at GBP158.05/tonne. Nov 13 Paris milling wheat rose EUR0.50/tonne to close at EUR191.25/tonne. Nov 13 Paris rapeseed was down

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Chicago Rallies Ahead Of Monday's Stocks Numbers

25/09/13 -- Soycomplex: Beans closed higher in what looks like positioning ahead of Monday's quarterly stocks report from the USDA, also garnering support from a sharply higher wheat market. The USDA announced the sale of 140 TMT of US beans sold to unknown for 2013/14 delivery. Sales commitments for the new season are already well ahead of schedule. Tomorrow's weekly export sales are expected to

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EU Wheat Rises On Argentine Frosts, FSU Rains

25/09/13 -- EU grains closed higher across the board with Nov 13 London wheat settling GBP2.85/tonne firmer at EUR155.85/tonne and Jan 14 GBP3.15/tonne higher at GBP158.30/tonne. Nov 13 Paris milling wheat was up EUR3.25/tonne to EUR190.75/tonne whilst Nov 13 Paris rapeseed rose EUR2.50/tonne to EUR365.00/tonne.


Chicago wheat firmed on short-covering following reports that Argentina's crop (

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Chicago MIxed, Beans Rebound From 1-Month Lows, Corn At 3-Year Low

24/09/13 -- US Crop Weather: "One inch of rainfall occurred in the Midwest last week, the highest weekly amount since late June. Rainfall is much to late to rescue soybeans and corn from a depressed yield. The generous rain gave corn a boost as US corn conditions improved to 55% good-excellent, 29% fair and 16% poor-very poor. US soybeans remained stable with 50% good-excellent, 33% fair and 17%

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EU Grains Generally Higher

24/09/13 -- EU grains closed mixed but generally higher, with Nov 13 London wheat settling GBP1.00/tonne firmer at EUR153.00/tonne and Jan 14 up GBP0.70/tonne at GBP155.15/tonne. Nov 13 Paris milling wheat rose EUR0.50/tonne to EUR187.50/tonne whilst Nov 13 Paris rapeseed was EUR0.50/tonne higher at EUR362.50tonne.


Seasonal indicators point higher on wheat, but a record world corn crop

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Chicago Mixed On Spread Unwinding, Profit-Taking

23/09/13 -- Soycomplex: Beans and meal closed lower for the third session in a row on further unwinding of spreads and ideas that last week's rains will have improved US crop conditions. Friday's Commitment of Traders report showed that as of September 17th Non-Commercial traders were sitting on a net long 157,211 contracts, an increase of 4,878 contracts on the week, and a fairly hefty long

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EU Wheat Trading Sideways

23/09/13 -- EU grains closed mixed, but mostly a little firmer in more sideways trade. Nov 13 Paris wheat hasn't been more than EUR1.50/tonne higher or lower at the close of any session this month, and today was no exception.

Nov 13 London wheat settled GBP0.30/tonne firmer at GBP152.00/tonne, whilst Jan 14 was GBP0.45/tonne higher at GBP154.45/tonne. Nov 13 Paris milling wheat rose EUR1.25/

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Chicago Soybeans Post First Weekly Loss In Seven

20/09/13 -- Soycomplex: Beans and meal closed sharply lower, with beans posting their first weekly loss in seven in what looks like a combination of harvest pressure and profit-taking. There's still the possibility that this week's Midwest rains may help yields a little too, along with the outlook for South American farmers to "go large" with their soybean plantings as soon as the weather permits

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EU Grains Mixed, Strong Exports Underpin

20/09/13 -- EU grains closed mixed but mostly lower with Nov 13 London wheat settling GBP0.15/tonne lower at EUR151.70/tonne and Jan 14 GBP0.65/tonne easier at GBP154.00/tonne. Nov 13 Paris milling wheat was unchanged at EUR185.75/tonne whilst Nov 13 Paris rapeseed slumped EUR5.75/tonne to EUR363.00/tonne.


For the week Nov 13 London wheat was down GBP0.80/tonne, with Paris wheat down EUR0.50/

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Chicago Beans Lower, Corn And Wheat Higher On Unwinding Of Spreads

19/09/13 -- US Crop Weather: "Midwest rainfall is expected to be heavy over the next few days due to an influx of tropical moisture from Mexico in an already unstable humid atmosphere. The morning satellite imagery reveals the source of heavy rainfall as Hurricane Manuel in western Mexico. This is a Pacific hurricane that hit the west Mexican coast last night. A bolus of tropical moisture has

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EU Grains Slightly Firmer But Range Bound

19/09/13 -- EU grains closed mostly a tad firmer, although still firmly stuck in range bound trade. Nov 13 London wheat settled GBP0.65/tonne firmer at EUR151.85/tonne and Jan 14 was up GBP0.50/tonne at GBP154.65/tonne. Nov 13 Paris milling wheat rose EUR0.75/tonne to EUR185.75/tonne whilst Nov 13 Paris rapeseed settled EUR0.25/tonne lower at EUR368.75tonne.


The dollar was weak in early trade

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EU Rapemeal Prices

19/09/13 -- Rapemeal prices on the continent are barely changed today. Rapemeal prices are cheap relative to soymeal, but there's only so much a compounder can squeeze into the ration. Demand for rapeseed oil remains slack, so meal production is not what it might be though.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading

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Chicago Modestly Higher In Narrow Trade

18/09/13 -- US Crop Weather: "A rainy weather pattern has developed in the Midwest. The forecast remains promising for heavy soaking rains across the several days. Waves of showers would develop in a slow-moving trough of low pressure. At least 0.50 inch of rainfall is expected in the Midwest, but 0.75 to 1.25 inch in a wide swath from eastern Kansas to Wisconsin, including most of Iowa.

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EU Grains Little Changed - Strong Pound Weighs On London Wheat

18/09/13 -- EU grains closed mixed in largely sideways trade. Nov 13 Paris wheat has now closed within the EUR180-190/tonne range for all but two trading sessions out of the last eight weeks.


Nov 13 London wheat settled GBP0.05/tonne easier at GBP151.20/tonne whilst Jan 14 was also GBP0.05/tonne lower at GBP154.15/tonne. Nov 13 Paris milling wheat rose EUR0.25/tonne to close at EUR185.00/tonne.

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EU Rapemeal Prices

18/09/13 -- Rapemeal prices on the continent little changed today, although rapeseed prices are weaker again on the MATIF market.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13
213.00
+1.00


Oct13
214.00
unch

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Choppy Trade In Chicago As Traders Grapple With Acreage Numbers

17/09/13 -- Soycomplex: It was a choppy session for beans, with front month Nov 13 trading 18 cents higher at one stage as traders grappled with the latest data from the USDA's Farm Service Administration (FSA) which reported a US soybean planted area of 74.659 million acres versus the USDA's current estimate of 77.2 million. The FSA data includes the vast majority, but not all, of US growers -

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EU Grains Mostly Lower On Continued Harvest Pressure

17/09/13 -- EU grains closed mixed but mostly lower with Nov 13 London wheat settling GBP0.95/tonne lower at EUR151.25/tonne and Jan 14 also GBP0.95/tonne easier at GBP154.20/tonne. Nov 13 Paris milling wheat fell EUR0.25/tonne to EUR184.75/tonne whilst Nov 13 Paris rapeseed settled EUR4.00/tonne lower at EUR369.00/tonne.


European wheat is stuck in a low range, with harvest pressure, a large

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EU Rapemeal Prices

17/09/13 -- Rapemeal prices on the continent have given up yesterday's gains, and in some cases a bit more, following a sharp slide in soybean/meal values in Chicago last night, although those prices have recovered a little this morning. Could today's FSA numbers be a game changer though? They just might.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne,

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Chicago Lower Across The Board To Start The Week

16/09/13 -- Soycomplex: Widespread showers for some of the driest parts of the Corn Belt over the weekend, and the forecast for more to come in the week ahead, got soybeans off to a negative start to the week. There may also have been some elements of profit-taking following the recent rally. Trade opinion is divided on how much good these late rains will do. There is no denying that the crop is

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EU Grains Grind Lower, Impending Record Corn Crop Weighs

16/09/13 -- EU grains closed mostly lower with Nov 13 London wheat settling GBP0.30/tonne easier at EUR152.20/tonne and Jan 14 also GBP0.30/tonne weaker at GBP155.15/tonne. Nov 13 Paris milling wheat fell EUR1.25/tonne to EUR185.00/tonne whilst Nov 13 Paris rapeseed settled EUR3.00/tonne lower at EUR373.0/tonne.


The European market continues to grind lower on prospects for a record world wheat

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EU Rapemeal Prices

16/09/13 -- Rapemeal prices on the continent firmer across the board, despite a weaker tone to soymeal values, on ideas that prices are simply cheap in relation to soya.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13
215.00
+5.00

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Nogger's Monday Morning Newsround

16/09/13 -- The overnight Globex grains are mostly red, with the soy complex leading the way. New front month Nov 13 beans are currently 16 1/2 cents lower, with meal down USD4-6 and corn shedding a cent or two. Wheat is narrowly mixed.


The pound has been up to 1.5950 against the US dollar this morning - a new 8 month high. It's also very close to setting an 8 month high versus the euro too at

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Chicago Retreats On Pre-Weekend Profit-Taking

13/09/13 -- Soycomplex: With the exception of expiring from month Sep 13, the remainder of the soybean contracts gave up a fair chunk of yesterday's gains in what looks like pre-weekend profit-taking. There's up to 1 1/2 inches of rainfall in the forecast for some parts of the Midwest this weekend, and they could still be of benefit to some of this late planted and slow maturing soybean crop. As

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EU Grains Under Pressure From Large/Record Harvests, Abundant FSU Production

13/09/13 -- EU grains closed mostly lower on harvest pressure and the increasing size of the global wheat and corn crops to record levels, along with a sharp recovery in barley production. Rapeseed was dragged higher by firmer soya prices in Chicago last night, following the news from the USDA yesterday that US soybean stocks look set to remain tight for another year.


Nov 13 London wheat

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Chicago Ends Mixed, US Bean Stocks In 2013/14 Already Seen Tight

12/09/13 -- Soycomplex: The USDA came out with a 2013 US soybean production estimate of 3.149 billion bushels, and pegged yields at 41.2 bu/acre, just about exactly in line with the average trade guess. The thing that got the market really excited was cutting 2013/14 US ending stocks to 150 million bushels. That was down sharply for a second month, and below trade expectations which on average

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EU Grains Mostly Lower Ahead Of USDA Crop Report

12/09/13 -- EU grains were mostly lower ahead of this afternoon's important USDA crop report.


At the close Nov 13 London wheat settled GBP1.35/tonne easier at GBP153.65/tonne, and Jan 14 was EUR1.30/tonne lower at GBP156.15/tonne. Nov 13 Paris milling wheat fell EUR1.25/tonne to close at EUR186.75/tonne and Nov 13 Paris rapeseed slid EUR0.75/tonne to EUR371.50/tonne.


The HGCA said that the

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Septic Peg Speaks

12/09/13-- Septic Peg, my spirit guide from beyond the grave, has been in touch via the ouija board and says that this afternoon's USDA report will be BEARISH on beans, quite BEARISH on corn and NEUTRAL on wheat.


Beans will be 30-40 cents lower shortly after the numbers come out, corn will trade around 15 cents easier and wheat will follow corn lower, she says. Woooooo....

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Morning Musings

12/09/13 -- Well folks here we are, sitting waiting for another USDA report that may immediately be dismissed as being bollocks due to it being based on an unusually immature crop. Still, there's another one due out next month....


MDA CropCast have thrown their prediction hat late into the ring, cutting their US corn production forecast by 91 million bushels from last week to 13.376 billion.

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EU Rapemeal Prices

12/09/13 -- Rapemeal prices on the continent are higher across the board on ideas that these levels are cheap on a percentage basis relative to soymeal.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13

210.00


+6.00



Oct13

213.00

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Chicago Market Subdued Ahead Of USDA Report

11/09/13 -- Soycomplex: The soy market gave the impression that traders have positioned themselves where they want to be heading into tomorrow's USDA report for a second day, closing with only marginal gains. The most active Nov 13 soybean contract had a trading range of less than 13 cents during the daytime open outcry session. Satellite technology firm Lanworth Inc estimated this year's US

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EU Grains Mixed In Range-Bound Trade

11/09/13 -- EU grains closed mixed with Nov 13 London wheat settling GBP0.50/tonne higher at EUR155.00/tonne and Jan 14 also GBP0.50/tonne firmer at GBP157.45/tonne. Nov 13 Paris milling wheat rose EUR0.25/tonne to EUR188.00/tonne whilst Nov 13 Paris rapeseed settled EUR1.25/tonne lower at EUR372.25/tonne.


Chicago wheat traded 2-3 cents higher for most of the morning, but turned a bit lower in

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Ask Nogger

11/09/13 -- Today's question comes from Mr Joe Public of Hackney, who writes:


Q: Dear Nogger, at the end of the day it seems to me that 99% of all farmers are just a gang of loaded, money-grabbing, government subsidised, inbreds who live in a big house with half a dozen cars in the garage yet do nothing but moan about their lot whilst sitting on their fat backsides all day driving a tractor

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EU Rapemeal Prices

11/09/13 -- Rapemeal prices on the continent a bit firmer today, consolidating a little from some steep losses yesterday. Informa are forecasting a record world OSR crop of 65.2 MMT this year, led by a jump of 18% in Canada and a European crop 7% higher than last year.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading

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The Morning Papers

11/09/13 -- The overnight Globex grains are narrowly mixed, mostly a tad higher. It looks like the trade has positioned itself where it wants to be ahead of tomorrow's USDA report.
EU grains are following suit, also showing little change in early exchanges.

The pound has traded up above 1.58 versus the USD for the first time since February this morning, and at 1.1925 against the euro - its best

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Chicago Traders Position Themselves For USDA Report

10/09/13 -- Soycomplex: The trade looks like it's more or less given up on the weather adding anything extra to US soybean yields this year. What is out in the field will soon be in the barn. At least there's no early frost talk. The trade also now seems to have positioned itself where it wants to be heading into Thursday's USDA report, judging by tonight's close at least. Trade expectations for

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EU Wheat Narrowly Mixed, Direction Needed

10/09/13 -- EU grains closed narrowly mixed, with the market hoping for some much-needed direction in Thursday's upcoming USDA WASDE report.


Nov 13 London wheat settled GBP0.25/tonne easier at GBP154.50/tonne whilst Jan 14 was GBP0.20/tonne firmer at GBP156.95/tonne. Nov 13 Paris milling wheat stumbled EUR0.50/tonne higher to close at EUR187.75/tonne.


Egypt were back in the market again for

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Chicago Lower Ahead Of USDA Report

09/09/13 -- Soycomplex: Beans ended sharply lower on front month Sep 13, which expires on Friday, with most active Nov 13 also posting double digit losses. Profit-taking and book-squaring ahead of Thursday's upcoming USDA WASDE report were probably the main reasons behind the declines as Midwest weather forecasts were little changed, and weekend rains were as scattered as advertised. A Reuters

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EU Grains Mostly Lower To Start The Week

09/09/13 -- EU grains were mostly lower to start the week, although there wasn't a great deal of conviction either way. London wheat seems comfortable, at least for now, trading in the mid-150's, and Paris wheat likewise in the upper 180's.


At the close Nov 13 London wheat settled GBP0.30/tonne easier at GBP154.75/tonne, and Jan 14 was EUR0.75/tonne lower at GBP156.75/tonne. Nov 13 Paris

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EU Rapemeal Prices Rise In Tandem With Soymeal

09/09/13 -- Rapemeal prices on the continent are firmer, taking their cue from strong soymeal prices Friday and again this morning.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13

206.00


+1.00



Oct13

212.00


+2.00

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Major Server Upgrade

09/09/13 -- Please note that my server problems which began Friday require a major upgrade which is taking place right now.


Some of the elements of the blog and/or content contained within may go missing temporarily during this time. Apologies for the inconvenience.


There will also be some disruption to those taking website content from me. Particular apologies to you. Normal service will be

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Chicago Closing Comments Friday Night - Big USDA Report Looms

06/09/13 -- Soycomplex: Aside from front month gains there wasn't a lot of change to end the week. Today was maybe more about a bit of book squaring ahead of the weekend, and the market will regroup on Sunday night/Monday morning and take in the latest revised weather forecasts. There may have been some unwinding of long new crop beans against short wheat/corn spreads going on today by the looks

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EU Wheat Mixed, Strong Pound Weighs On London

06/09/13 -- EU grains closed mixed with Nov 13 London wheat settling GBP0.55/tonne higher at EUR155.05/tonne and Jan 14 GBP0.75/tonne firmer at GBP157.50/tonne. Mar 14 London wheat on the other hand closed GBP1.55/tonne lower at GBP157.00/tonne, inexplicably now at a discount to Jan 14 (a situation that will surely be rectified next week). Nov 13 Paris milling wheat rose EUR1.25/tonne to

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Server Problems

06/09/13 -- Please note that my server is
currently experiencing a few problems and will be offline for 20 minutes or so whilst I try to find a hammer.


Some of the elements of the blog and/or content contained within may go missing temporarily during this time. Apologies for the inconvenience.

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EU Rapemeal Prices

06/09/13 -- Rapemeal prices on the continent are lower across the board today, despite a firmer tone to last night's soymeal market in Chicago.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13
205.00
-10.00


Oct13
210.00

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News Bytes

06/09/13 -- It's a grim old day here up in North Yorkshire today, although the rain was certainly needed (unless you've got a bit of wheat or spring barley/OSR left to cut). It will undoubtedly be welcomed for newly sown winter OSR. Thoughts will also be turning to planting winter wheat, and a fair bit more of that is likely to go in than last year judged on current conditions.


Morning markets

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Chicago Mixed In Choppy Trade

05/09/13 -- Soycomplex: It was another choppy day for beans, particularly so in front month Sep 13 which had a daily trading range of 43 1/2 cents, and closed right up at the top end of that spread. The weekly Drought Monitor indicated increases in the percentage of the Midwest impacted by drought (28.7% this week versus 25.1% last week) and severe drought (7% this week versus 3.7% last week).

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EU Grains Down Again, FAO Predicts Record World Wheat, Corn And Soybean Crops

05/09/13 -- EU grains closed weaker on harvest pressure and calls from the FAO for record world wheat, corn and soybean production in 2013/14.

London wheat hasn't been helped by the pound rising close to 1.19 versus the euro, a level it has only been above fleetingly since the first few weeks of the year. Both the Bank of England and the ECB left interest rates in the UK and Eurozone unchanged

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EU Rapemeal Prices

05/09/13 -- Rapemeal prices on the continent are lower across the board today. Paris rapeseed futures were down hard last night, and that momentum has carried through into morning trade.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13
215.00
-

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The Morning Vibe - It's All Looking Bearish

05/09/13 -- My conviction that we are heading into seasonal harvest lows remains intact. Soybeans appear to have had their shot at posting a pre-harvest jitters rally on Tuesday. I just can't buy into the Allendale 39.0 bu/acre yield estimate released yesterday, not with good/excellent crop conditions at 54% versus 30% a year ago. As mentioned earlier this number was based on a farmer-led survey,

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Chicago Falls In 'Turnaround Tuesday' - On A Wednesday

04/09/13 -- Soycomplex: Beans closed sharply lower in a one day holiday-delayed "Turnaround Tuesday" style. Having finished disappointingly well off the highs last night, that was no great surprise. The USDA cut soybean good/excellent ratings by 4 percentage points to 54% versus the 4-6 point reduction that the trade was forecasting. The fact of the matter is that this is still substantially

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EU Wheat Slips Despite Further Egypt Interest

04/09/13 -- EU grains followed US markets lower, although support came from Egypt's third tender in the space of a week. The results of that are expected tonight, the lowest offers were said to be from the usual suspects - Russia, Romania and Ukraine at around USD252-253/tonne FOB, although French wheat has narrowed the gap from Monday, coming in at a best priced USD258/tonne.


At the close both

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News Snippets

04/09/13 -- Egypt's GASC are back again, issuing their third wheat tender in a week. This one being for Oct 21-30 shipment, with the results expected later this afternoon.


Bangladesh are also tendering for 50 TMT of wheat, their third tender since the beginning of July.


Ukraine farmers have planted 394,000 ha of winter OSR, or 43% of the intended area, according to the Ag Ministry.


The

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EU Rapemeal Prices

04/09/13 -- Rapemeal prices on the continent are generally a tad easier today, following a weaker tone to the protein sector that began mid-afternoon yesterday and has followed through into morning trade.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13

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Some Thoughts On Soybeans

04/09/13 -- It's "Turnaround Tuesday" on a Wednesday following the Labor Day holiday on Monday. If you get my drift. At least it's a turnaround for soybeans, which actually began an hour of so into yesterday's daytime open outcry session.


The USDA cut soybean good/excellent ratings by 4 points to 54% last night, versus the 4-6 point cut that most were expecting. Is the glass half full or half

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Chicago Market Mixed - Fails To Hold Early Gains

03/09/13 -- Soycomplex: Beans closed with good gains, although finishing well off the early session highs. Nov 13 failed to break through last Monday's high of USD14.09 1/2, reaching USD14.08 1/2, but subsequently falling back to close the day at USD13.86 3/4. Another dry week was seen trimming yield potential further in beans. "Hot or cool, the Midwest drought goes on. A cool front passed

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EU Grains Give Up Early Gains

03/09/13 -- EU grains traded firmer for much of the day, supported by ongoing trade concerns over Midwest dryness and sharply higher US soybean values overnight. That took Paris rapeseed prices up above EUR390/tonne for the first time in more than 7 weeks, dragging wheat and corn values a higher too. Lower trade in the afternoon CBOT open outcry session however ultimately dragged EU grains into

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EU Rapemeal Prices

03/09/13 -- Rapemeal prices on the continent are mostly a bit firmer today, although they are nowhere near reflecting substantial USD20 gains in soymeal overnight on the back of continued weather concerns for soybeans in the US.


Strategie Grains have increased their forecasts for EU-28 rapeseed and sunseed production this year to 20.8 MMT and 8.4 MMT respectively.


Latest guide prices for EU

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The Morning Vibe

03/09/13 -- The market is taking the view that weekend Midwest rains were not as beneficial as they might have been. You can see a map of the last 3 days precipitation here: Another reason why you should be on Twitter.


Continuing with the recent theme, the trade seems to think that this is more of an issue for beans than corn, as we currently have the overnight Globex market around 35-40 cents

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EU Wheat Rises, Egypt Back In The Market Again

02/09/13 -- EU grains closed firmer, although aside from news of a second wheat purchase within a week from Egypt over the weekend, fresh news was lacking in light of US markets being shut for the Labor Day holiday.


At the close Nov 13 and Jan 14 London wheat were GBP1.15/tonne firmer at GBP158.65/tonne and GBP160.90/tonne respectively. Nov 13 Paris wheat finished the day EUR2.75/tonne firmer

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Dates For The Diary

02/09/13 -- Upcoming important events for the next couple of weeks ahead:


Tuesday (3rd): USDA weekly crop progress report.


Thursday (5th): Bank of England and ECB announce interest rate decisions. FAO world cereals supply and demand estimates. UK cereals usage data.


Friday (6th): Stats Canada grain stocks estimates. USDA weekly export sales.


Monday (9th): USDA weekly crop progress report.

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Twitter Rules

02/09/13 -- On a "no news" sort of a day I thought I'd proffer a few thoughts on Twitter, finding myself with nothing much else to do this lunchtime. I'm a big fan of Twitter, as many of you will have probably realised. It gives you the opportunity to link and converse with all sorts of people interested in the same subjects as you, many of whom that you'd probably never get the chance to have a

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EU Rapemeal Prices

02/09/13 -- Rapemeal prices on the continent are firmer today, possibly with a bit of added protection built in as the US markets enjoy a long weekend, with today being Labor Day.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13

218.00


unch

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Egypt Back In For Wheat

02/09/13 -- Egypt's state wheat buyer GASC were back in the market again over the weekend, booking 355 TMT of Black Sea origin wheat in their second tender in a week. The divi cheque that they were waiting on from the Cairo Building Society must have come through, as this little lot is going to set them back around USD9.4 million in round figures by my calculations.


They bought one cargo (55

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Chicago Markets Consolidate Ahead Of Long Weekend

30/08/13 -- Soycomplex: Beans and meal were mostly lower in light pre-weekend consolidation. In line with recent comments on here, Benson Quinn noted that "Over the last two years, November futures have peaked into new contract highs right around Labor Day and then turned sharply lower on harvest off take." The market is nervous that the same is going to happen again this year, they say. That all

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EU Wheat Down, Global Crops Getting Bigger

30/08/13 -- EU grains closed lower Friday, pressured by a pre-long weekend sell off in the US as weather models call for a good chance of rain for much of the Midwest, coupled by a significant cool down for the early part of next week.


London wheat closed with both Nov 13 and Jan 14 down GBP0.25/tonne at GBP157.50/tonne and GBP159.75/tonne respectively, whilst Nov 13 Paris wheat closed down a

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EU Rapemeal Prices

30/08/13 -- Rapemeal prices on the continent are lower for a third day. Soymeal prices are lower in overnight trade, and the world's 2013/14 rapeseed crop will be a record 64.8 MMT, according to Oil World. Total global oilseed output in 2013/14 will also break all previous records, they add.

Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from

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Famous Quote Of The Day

30/08/13 -- Today's famous quote of the day has been bastardised slightly from the original by Anne Isabella Thackeray Ritchie:


"Give a farmer a fish and you feed him for a day, teach a farmer to fish and he'll complain that it's too wet/cold/hot and dry to fish, bank his "prevent fish" subsidy cheque, buy a Range Rover and sell his fishing quota rights to the Spanish."

Complaints to the

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Interesting Chart Of The Day #4

30/08/13 -- Ladies and genitalmen, today's chart d'jour is a comparison between the 30 year, 20 year and 5 year CBOT front month soybeans seasonal trend.


The thing that sticks out like a Rolf Harris' didgeridoo at a High School music recital is that whilst the 20 year chart does show a degree of increased volatility when compared to the 30 year chart, in the 5 year chart the magnitude of the

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Morning News Snippets

30/08/13 -- The overnight Globex grains are mostly red, with beans down 7 3/4 cents on front month Sep 13 (for which first notice day is today), with the rest 10-14 cents easier. Meal is down USD1.40 on the Sep 13 but USD4-5.00 easier on the rest. Corn trades 1/2 down nearby and 4-5 cents down on the rest. Wheat is 3/4 of a cent up to 3 cents lower.


Brussels issued 687 TMT of soft wheat export

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Chicago Consolidates Ahead Of Long Weekend

29/08/13 -- Soycomplex: The market drifted mostly a little lower in light consolidation from recent gains heading into a 3-day weekend which could prove to be pivotal for beans. Has the recent USD1.50 price rise put in a post harvest jitters top, or are we only pausing for a breather before moving higher? Whether the forecast weekend rains turn up may answer that question. The current

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EU Wheat Falls, Russian Harvest May Be Understated

29/08/13 -- EU grains were mostly lower, in line with declines across the pond in US wheat and corn. The market appears to be struggling with the notion that whilst the world corn crop might be shrinking a little, it is still going to be record one and much higher than output in 2012.


Nov 13 London milling wheat settled GBP1.85/tonne lower at GBP157.75/tonne, and Jan 14 was GBP1.50/tonne easier

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EU Rapemeal Prices

29/08/13 -- Rapemeal prices on the continent lower today on ideas that recent price hikes have been overdone. Consumers appear well-covered nearby and end-user demand is seasonably light.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Sep13

220.00


-4.00

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Interesting Chart Of The Day - #3 Corn

29/08/13 -- Not quite such a good match with the 30 year seasonal is this year's corn chart (click to enlarge), although the July/Aug dramatic slump is there for all to see.


If the remainder of 2013 is to mirror a "normal" year then the corn lows won't be in yet. The front month closing low for 2013 so far was USD4.55 1/4 set on Aug 13th. Note that a little late August/early September post

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Chicago Market Closing Comments - Wednesday

28/08/13 -- Soycomplex: It was a choppy session, with front month Sep 13 beans posting decent gains. First notice day for that is Friday, and open interest in it has been dropping sharply of late so we can maybe expect some further extreme volatility before the contract expires in a couple of weeks time. There's a long weekend coming in the US, with Monday being Labor Day. Add to that the ever

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EU Wheat Falls On Improved US Weather Forecast

28/08/13 -- EU grains were mostly lower, following a change in the latest US weather forecast to a cooler and wetter outlook for next week.


At the close Nov 13 London wheat was GBP1.60/tonne firmer at GBP159.60/tonne and Jan 14 was down GBP1.95/tonne at GBP161.50/tonne. Nov 13 Paris wheat finished the day EUR2.50/tonne easier at EUR189.25/tonne (around GBP162.50/tonne equivalent).


Toepfer

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All Change!

28/08/13 -- It's a weather market that we're in, and they can be more fickle than I want away, I love this club, plastic Manc Wayne Rooney. The latest forecast indicates a cooler and wetter outlook for the Midwest than what was predicted yesterday, and so we go lower.


"Midwest showers are in the forecast due to a sudden westward shift of high pressure into the Rocky Mountains in the new outlook

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Interesting Chart Of The Day - #2 Wheat

28/08/13 -- Following on from yesterday's soybean chart, I thought I'd take a peek at the 30 year seasonal chart for CBOT wheat and see how that compares with what we've seen so far this year. And here it is (click to enlarge).


A large slice of hope for the wheat bulls out there, a rally in wheat looks overdue. If we are to conform to the pattern of a "normal" year then we can expect wheat

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EU Rapemeal Prices

28/08/13 -- Rapemeal prices on the continent are mostly a little lower, consolidating from some steep gains in the past couple of days.

Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Aug13
unq
n/a


Sep/Oct13
224.00
-3.00

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The Morning Vibe - What's That Coming Over The Hill?

28/08/13 -- Brazilian agency Agroconsult say that the corn crop there will fall to 76 MMT in 2013/14 versus 80.3 MMT this year. They have the soybean crop to increase from 81.5 MMT to a monster (and record) 88.4 MMT next year. That will test the creaky old Brazilian logistics even further.

The overnight Globex grains are firmer, led by beans which are 12-16 cents higher. Corn is up 4-6 cents and

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Chicago Market Gives Up Some Of Monday's Gains

27/08/13 -- Soycomplex: Soybeans opened higher in follow through trade following yesterday's sharply higher close. However, some calls for a cooler and wetter outlook for the Midwest weather after the long Labor Day weekend holiday sent the market consolidating lower into the close. The trade is still debating the predictions made last week by the Pro Farmer crop tour. Essentially their US

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London Wheat Plays Catch-Up, Paris Ends Flat

27/08/13 -- EU grains closed mixed. London wheat was sharply higher after the markets here were closed for yesterday's Bank Holiday.


London wheat closed with both Nov 13 and Jan 14 GBP4.45/tonne higher at GBP161.20/tonne and GBP163.45/tonne respectively, whilst Nov 13 Paris wheat closed unchanged, having done all its gaining yesterday, at EUR191.75/tonne.


For front month Nov 13 London wheat

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Interesting Chart Of The Day

27/08/13 -- Here's the 30 year seasonal chart for front month CBOT soybeans along with how this year's performance compares underneath. There's a fair bit of similarity, particularly in relation to this latest move, don't you think?


Both charts (click to enlarge them) start with the soybean price on Jan 1st being 100%, and show the subsequent fluctuations in prices as a percentage of that Jan

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EU Rapemeal Prices

27/08/13 -- Rapemeal prices on the continent are sharply higher following steep gains in Chicago soymeal values in the last two sessions. Unfortunately, as we were all on a day off here in the UK yesterday I don't have Monday's prices to offer a direct comparison, but front month Aug 13 is up EUR17/tonne versus Friday, with Nov13/Jan14 up EUR12/tonne.


Latest guide prices for EU rapemeal today,

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Chicago Market Sharply Higher On US Weather Concerns

26/08/13 -- Soycomplex: Beans closed sharply higher, with the November contract coming within 4 cents of the daily 70 cents limit up at one stage, on US weather worries. "A large, stable dome of high pressure has taken control of the North-Central United States, increasing heat and moisture stress. Maximum temperatures in the low-mid 90s F are predicted for the next several days, 6-10 F above

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Paris Grains Jump Whilst London Sleeps

26/08/13 -- Whilst the London market was closed for the August Bank Holiday, French grains followed the lead of the overnight US Globex market, opening sharply higher and posting strong gains at the close.

Nov 13 Paris milling wheat settled EUR6.25/tonne higher at EUR191.75/tonne, Nov 13 Paris corn settled EUR6.75/tonne firmer at EUR177.00/tonne and Nov 13 Paris rapeseed jumped EUR12.50/tonne to

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Chicago Closing Comments Friday - Weather Supports

23/08/13 -- Soycomplex: Beans and meal closed sharply higher on a renewed forecast for hot and generally dry weather to dominate the US Midwest in the week ahead. "Midwest temperatures are trending hotter. Highs in the mid 90s F are predicted Monday in the Upper Midwest, when a ridge of high pressure builds up over the central United States. Minneapolis would reach 97 F Sunday continuing with

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EU Wheat Dragged Higher By US Weather

23/08/13 -- EU grains were lower for much of the day, but edged higher later in the session after afternoon US weather forecasts turned hot and dry for next week. That sent soybean prices soaring, taking CBOT corn and wheat with it, and EU grains tagged along for the ride.


At the close Nov 13 London wheat was GBP1.00/tonne firmer at GBP156.75/tonne and with Jan 14 also up GBP1.00/tonne at

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Pro Farmer Crop Tour: Soybeans

23/08/13 -- The Pro Farmer crop tour is over and here's a list of the results for soybeans in summary format.

This year's pod counts per 3 foot square area versus last season and the 3-year average. States listed in order of production size ie Iowa is the #1 producing soybean state in the US:
.nobrtable br { display: none }



State (Ranking)
2013 Est
2012 Est
3-

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Pro Farmer Crop Tour: Corn

23/08/13 -- The Pro Farmer crop tour is over and here's a list of the results for corn in summary format.

This year's estimated yields versus last season and the 3-year average in bushels/acre. States listed in order of production size ie Iowa is the #1 producing corn state in the US:
.nobrtable br { display: none }



State (Ranking)
2013 Est
2012 Est
3-Year

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Harvest My Arse!

23/08/13 -- The latest UK harvest update on the Farmers' Weekly website provided me with a nice lunchtime chuckle as looks like it's being presented by Graham Norton's more effeminate baby brother who's just transferred across to FWi from his previous job with CBeebies:


Chase me

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EU Rapemeal Prices

23/08/13 -- Rapemeal prices on the continent are mostly a tad lower, following some steep gains in the past couple of days.

Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Aug13

210.00


-2.00



Sep/Oct13

210.00


-2.00

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Chicago Slumps On Rain

22/08/13 -- Soycomplex: Beans finished lower on overnight rains, although opinion is divided on how much good they might do. "Strong thunderstorms erupted in Nebraska and northern Iowa this morning. Growing conditions have been extremely dry the past 3-4 weeks. While heavy rain is welcome, it is arriving too late in the growing season for maximum benefits," said Martell Crop Projections. This

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EU Wheat Mixed, London Wheat Near Parity With France

22/08/13 -- EU grains closed mixed. US markets are trying to rally on various potential weather scares. Short-term dryness and heat, combined with talk of early frost worries in the Midwest are enough to keep the market on it's toes for the time being. With funds short on corn and wheat, and only sitting on a very small soybean long, the market remains vulnerable to a corrective bounce on issues

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Soymeal At Less Than GBP300?

22/08/13 -- Waiting and hoping that soymeal prices will fall below GBP300/tonne? They're already there, in a manner of speaking.


NWF Ultra Pro-R, rapeseed meal which has been treated to reduce the degradability of the protein in the rumen, can be used as a cost-effective source of the quality protein to partially replace soymeal in the feed ration.

NWF Ultra Pro-R has a higher bypass protein

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More Investment Advice

22/08/13 -- Following on from yesterday's nice winner, Bogart at 7/1, I'm playing with the bookies money today.


Unfortunately there are no sprint handicaps at York, but the opener is a trappy looking 20 runner affair over 6 furlongs.


I'm going to have a little tickle on Ventura Mist, currently available at 12/1, and drawn 19 of the 20.


She stayed on well over 6 furlongs at Newmarket last

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EU Rapeseed Meal Prices Jump Despite Crop Upgrade

22/08/13 -- Rapemeal prices on the continent are sharply higher for a second day in a row, despite Oil World raising their forecast for EU-28 rapeseed production from 20.5 MMT to 20.8 MMT - the second highest on record.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }

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Chicago Markets Higher On Weather Concerns

21/08/13 -- Soycomplex: The market finished with decent gains, led by the front end, although deferred positions closed well off the intra-day highs. A Stats Canada 2013 rapeseed production forecast of 14.7 MMT, whist up 11.5% on last year, was well below the 15.5 MMT that the trade was expecting. A drier and warmer outlook to the latest US weather forecasts added support. The US Soybean Export

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EU Grains Close Firmer, London Wheat Overpriced?

21/08/13 -- EU grains closed firmer, with nearby Nov 13 London wheat closing GBP1.45/tonne higher at GBP155.45/tonne and with Jan 14 also up GBP1.45/tonne to close at GBP157.70/tonne. Nov 13 Paris milling wheat settled EUR1.00/tonne higher at EUR185.50/tonne.


Note that this puts Nov 13 London feed wheat at only around a historically low GBP3.00/tonne discount to Paris wheat.

I still believe

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EU Rapemeal Prices

21/08/13 -- Rapemeal prices on the continent are sharply higher today. I'm not too sure why given that soymeal was down USD6.50 in Chicago last night.

One thing that does strike me, having only just got back off holiday, is that the nearby premium that was in the market before I went away has completely disappeared.

Aug13 was an EUR8/tonne premium to Nov13/Jan14 when I was last in the office,

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Fancy A Punt?

21/08/13 -- There's racing again at York today I see.


I've not had much chance to look at the form yet (only got back from holiday on Monday - so still busy catching up).


However the first race (1.55) is a big sprint handicap, which conforms to my requirements.

The two that immediately catch the eye are ABOVE STANDARD as I won on him using the same recently mentioned high draw system here a

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Chicago Gives Up Some Of Monday Night's Gains

20/08/13 -- Soycomplex: It was a classic "Turnaround Tuesday" type trade today, with soybeans giving up some (but only 25% or so) of yesterday's gains. There was a bit more rainfall in today's forecast, which was enough to encourage some profit-taking following Monday's circa 40 cent higher close. "A short-wave disturbance would flatten the ridge of high pressure in the Midwest, allowing 0.50 – 1

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EU Grains Mixed, But Downwards Trend Still Seems Intact

20/08/13 -- EU grains closed mixed after trading mostly lower for much of the day as US markets fell in "Turnaround Tuesday" style after posting solid gains last night. We remain heavily under the influence of a US weather market, although crops in many places are getting bigger and the overall trend is probably still downwards.


At the close Nov 13 London wheat was GBP0.45/tonne firmer at

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Chicago Market Begins Week On The Offensive On Weather Worries

19/08/13 -- Soycomplex: Now that last week's USDA report is a distant memory, we are back to trading the weather. The weekend was a bit drier and warmer than expected, and the forecast for the week ahead is losing some of the coolness that's been a feature lately in exchange for heat. "August rainfall is the key determinant of soybean yields. Very heavy rains optimise the yield. Rainfall has been

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EU Grains Rise On Consolidation

19/08/13 -- EU grains closed higher (with the exception of malting barley) on bargain hunting, short covering, consolidation, call it what you will. It's probably far too early though to say that a bottom has been found and that we've turned the corner just yet.


London wheat closed with Nov 13 GBP0.95/tonne higher at GBP153.55/tonne, Jan 14 was also GBP0.95/tonne firmer at GBP155.80/tonne and

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A Distant View Of The Corn And Wheat Market

18/08/13 -- Wheat is a follower of corn, I'm convinced of that. They key to where wheat prices are headed is therefore where are corn prices going?

The answer to that seems to fairly and squarely depend on whether you think that US corn yields will be higher or lower than the USDA's Monday forecast of 154.4 bu/acre. Some trade estimates are a bit lower, most are higher, with some considerably so

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A Detached View Of The Soybean Market

18/08/13 -- Here I am, not quite "sitting at the dock of the bay" but sat in the bar at the hotel overlooking the pool with the "dock" or jetty just a short hop away. I'm enjoying a beer (obviously) as there isn't much else to do on the day that you are leaving is there? It's currently 4 hours until we catch the speedboat to the airport, so I'd better try and pace myself (yeah, as if).

So what

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Chicago Market Drifts Lower On Pre-Weekend Profit-Taking

16/08/13 -- Soycomplex: The USDA announced 284 TMT of new crop US soybeans sold to China along with a further 126 TMT to unknown. These sales to China are most likely to be shipped in the first half of 2013/14. There are reports that China bought 7-15 Brazilian soybean cargoes for Feb/Mar shipment this week. The robust export program already on the books for new crop US beans is undeniably

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EU Wheat Mixed, Strong Export Pace Support

16/08/13 -- EU grains closed mixed, with nearby London wheat posting a rare up day and front month Nov 13 snapping an eleven session losing streak by closing GBP1.85/tonne firmer at GBP152.60/tonne and with Jan 14 up GBP2.10/tonne to close at GBP154.85/tonne. Nov 13 Paris milling wheat settled EUR2.00/tonne lower at EUR183.75/tonne.


Despite a firmer close today, this was still a bad week at the

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Chicago Market Finds Some Traction

15/08/13 -- Soycomplex: Concerns about a drier weather forecast for the Midwest and very strong export sales appeared to trigger some short-covering. "August rainfall is the main factor affecting soybean yields, the heavier the better. Rainfall boosts pod filling, enlarging the seed size. Iowa is the largest US corn and soybean state and also the driest. Only half of normal rainfall has

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EU Grains Mixed, Is New Crop Corn The Next Threat To Wheat?

15/08/13 -- EU grains closed mixed, but mostly higher, although luckless Nov 13 London wheat extended its losing run to eleven straight sessions despite attempting a rally in early trade. Paris grains were supported by a weaker euro.


At the close Nov 13 London wheat was GBP0.40/tonne easier at GBP150.75/tonne and with Jan 14 down GBP0.35/tonne at GBP152.75/tonne. Nov 13 Paris wheat finished the

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Chicago Market Rebounds On Short Covering

14/08/13 -- Soycomplex: The soy market rebounded on what seems to be short covering. China was confirmed as buying 110 TMT of US soybeans for shipment in 2013/14. Argentine soybean crush workers were said to be staging a one day strike today in the port of Rosario. World Weather said yesterday that they expect favourable crop development weather in the Midwest for the next 10 days. Whilst the

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London Wheat Ends At 19 Month Low

14/08/13 -- EU grains closed mostly lower, with front month Nov 13 London wheat extending its losing streak to ten straight sessions.


London wheat closed with Nov 13 GBP3.35/tonne lower at GBP151.15/tonne, Jan 14 was GBP3.40/tonne easier at GBP153.10/tonne and Nov 13 Paris wheat fell EUR1.75/tonne to EUR182.00/tonne.


Nov 13 London wheat finished at the lowest close for a front month since

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Holiday Update - Brown Is The New Black

Being on holiday here is a bit like attending an international summit of the United Nations (I imagine, I haven't actually been on one) - especially if that summit was being held in Moscow or Beijing - you can hardly move for Russians and Chinese.

One Russian party consists of a well built, very tight Speedo-clad, heavily tattooed, completely head shaven bloke who I've immediately christened

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Chicago Corn And Wheat Set Fresh Lows

13/08/13 -- Soycomplex: It was a particularly choppy day for front month Aug 13 beans, which go off the board tomorrow. That closed down 14 cents, almost on the lows of the day, although other months posted modest gains at the finish. The trade still seems to be digesting the USDA data from yesterday, and trying to decide if they were in reality too low on US yields. Much has subsequently been

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London Wheat Down For Ninth Successive Session

13/08/13 -- EU grains closed mixed. Paris wheat gained a little, helped by a weaker euro, but London wheat fell again, with Nov 13 now closing lower for nine consecutive sessions.


On the day Nov 13 London feed wheat closed GBP0.80/tonne easier at GBP154.50/tonne (the equivalent of around EUR180.00/tonne), and with Jan 13 slipping up GBP0.30/tonne to close at GBP156.50/tonne. Nov 13 Paris

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Chicago Market Up On Friendly USDA Report

12/08/13 -- Soycomplex: The eagerly awaited USDA report came in bullish for soybeans with US yields, production and 2013/14 ending stocks all lower than expected. A cut in yields from last month's 44.5 bu/acre to an average guess of 43.472 bu/acre is what was expected. What the trade got was 42.6 bu/acre. US production of 3.338 billion bushels was the average trade forecast. The USDA came up with

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London Wheat Extends Losing Streak

12/08/13 -- EU grains closed mixed, although London wheat was lower, with nearby Nov 13 setting a new near 14 month closing low. Paris wheat ended the day a bit firmer, after Nov 13 had earlier hit a lifetime contract low of EUR182.00/tonne.


Nov 13 London wheat ended the day GBP0.90/tonne easier at GBP155.30/tonne and with Jan 14 down GBP1.40/tonne at GBP156.80/tonne. Nov 13 Paris wheat

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Massage My Arse

10/08/13 -- MrsN#3 persuaded me to go for a his & hers massage yesterday. What a strange experience that was. My "bird" - I can't spell her name, but it was pronounced "Eye Ooh" was a lovely little Balinese girl of about 20.

It is very odd being told by a good looking 20 year old Balinese girl to take all your clothes off, especially with MrsN#3 in such close proximity.

She very demurely

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Chicago Market Slips Lower Heading Into Monday's USDA Report

09/08/13 -- Soycomplex: Funds continue to liquidate positions ahead of the USDA report on Monday. The latest Commitment of Traders report shows managed money decreased their net long position in soybeans by 31,910 contracts to leave them net long only 45,580 lots as of Tuesday night. Many still believe that the USDA's Chinese soybean import demand estimate of 69 MMT is overstated, given that it’s

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London Wheat Down For Seventh Straight Session

09/08/13 -- EU grains closed mostly lower, with front month Nov 13 London wheat now down for seven straight sessions setting more than one year lows in the process.


London wheat closed with Nov 13 GBP0.75/tonne lower at GBP156.20/tonne, Jan 14 was GBP0.80/tonne easier at GBP158.20/tonne and Nov 13 Paris wheat was unchanged from yesterday's lowest front-month level since December 2011 at

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The View From The Office Window Today

09/08/13 -- Yes folks, this is the view from my office window as I type right now. Royal Island in the Maldives. It's a bit like Blackpool, but without the tower, or the donkeys, or fish & chips, amusement arcades and drunken Glaswegians. And the sea is a bit of a different colour. And there's no dog pooh on the beach. And you can't buy the Sun.

The wifi works though, so I'm able to blog.

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Chicago Market Manages Some Consolidation Following Recent Slide

08/08/13 -- Soycomplex: MDA CropCast estimated the 2013 US soybean crop at 3.215 billion bushels, up 13 million bushels from last week due to favourable conditions in much of the belt. "Rains were abundant across the southwestern Midwest, east central Plains, and northeastern Delta this past week," they said. Customs data shows that China imported a record 7.2 MMT of beans in July versus 6.93 MMT

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EU Wheat Mixed, Have Prices Fallen Enough For Now?

08/08/13 -- EU grains closed mixed. Harvest pressure remains, but there is also a feeling creeping in that maybe wheat prices have fallen enough for now. There has certainly been more activity on the international tender market of late, suggesting that prices at one year lows are stimulating some buying interest, even if most of the high profile business is going to Black Sea sellers.


On the

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Chicago Mostly Lower Wednesday

07/08/13 -- Soycomplex: The USDA reported the sale of 220,000 MT of soybeans to China for the 2013/14 marketing year. The weak dollar was supportive for US export hopes. Brazilian firm Agroconsult estimated the 2013/14 soybean crop there at a record 86 MMT, slightly higher than Celeres forecast of 85.2 MMT, and beating this year's record crop by 5.6%. There continues to be talk of this year's

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EU Wheat Down Again, Nov 13 London Wheat Sinks To One Year Low

07/08/13 -- EU grains closed mostly a little easier once more, with Nov 13 London wheat slipping further below the GBP160/tonne mark to a one year low.


Nov 13 London wheat ended the day GBP1.55/tonne lower at GBP157.75/tonne and with Jan 14 also closing down GBP1.55/tonne at GBP158.75/tonne. Nov 13 Paris wheat fell EUR1.00/tonne to close at EUR183.25/tonne.


Fresh news was relatively thin on

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Chicago Corn Slides To Lowest Since Late 2010

06/08/13 -- Soycomplex: The USDA announced the sale of 110,000 MT of new crop soybeans to China in some fairly routine business. Remember that China need to buy almost five cargoes of beans every working day of the week if they are to import the 69 MMT in 2013/14 that the USDA currently has them down to need. Private crop forecasts are coming in thick and fast, on an almost daily basis ahead of

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EU Wheat Mixed As Harvest Presses On

06/08/13 -- EU grains closed narrowly mixed, partially arresting the recent decline, although harvesting reports from France are improving.


London wheat closed with front month Nov 13 GBP0.20/tonne lower at GBP159.30/tonne, Jan 14 was also GBP0.20/tonne easier at GBP160.30/tonne and Nov 13 Paris wheat rose EUR0.25/tonne to EUR184.50/tonne.


Egypt bought one 60 TMT cargo each of Ukraine and

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Chicago Presses Lower

05/08/13 -- Soycomplex: Informa forecast this year's soybean production at 3.266 billion bushels, down from its outlook in July of 3.376 billion and below the USDA's current outlook of 3.420 billion. Doane Advisory Services estimated the 2013 US soybean crop at 3.333 billion bushels vs. the USDA estimate at 3.42 billion. They have the yield at 43.2 bu/acre vs. the USDA estimate of 44.5 bu/acre.

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EU Wheat Falls Further, Big Crops Forecast

05/08/13 -- EU grains closed lower to start the week on harvest pressure and the outlook for big crops in many places around the globe.

On the day both Nov 13 and Jan 14 London wheat closed GBP3.20/tonne lower, with front month Nov 13 slipping under GBP160/tonne to close at GBP159.50/tonne. Nov 13 Paris wheat settled EUR2.50/tonne lower at EUR184.00/tonne.

The Russian grain harvest will total

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Chicago Soybeans And Corn Set New Lows

02/08/13 -- Soycomplex: Old crop Aug 13 closed at the lowest level for a front month since March 2012, whilst new crop Nov 13 beans finished at a 14 month low. The US weather outlook remains benign, talk of cool and damp conditions for the next two weeks followed by warmer and drier from the middle of August onwards is adopting an almost ideal look. China confirmed that they will auction off 500

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EU Wheat A Little Lower Pressured By Sharp Rebound In Black Sea Production

02/08/13 -- EU grains closed mostly a little easier on continued harvest pressure, even though reports of low protein levels in French wheat persist. The "usual suspects" are lining up with a strong rebound in production this year to aggressively market their wares.


Nov 13 London wheat ended the day GBP0.15/tonne lower at GBP162.70/tonne and with Jan 14 also closing down GBP0.15/tonne at

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EU Rapemeal Prices Rebound

02/08/13 -- Rapemeal prices on the continent staged a little rebound yesterday, which has continued through to today on ideas that prices have fallen enough to flush out some buying interest.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Jul13

unq


n/a

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Chicago Mostly Lower Despite Strong Exports

01/08/13 -- Soycomplex: Weekly export sales of 78,500 MT of old crop and 1,030,900 MT of new crop - primarily for China (558,000 MT) and unknown destinations (302,000 MT) - easily beat trade forecasts for net sales of 450-600 TMT. The market ignored that, closing sharply lower, with new crop Nov 13 at a more than one year sub-USD12/bu low. A strong US dollar, linked to ideas that the Fed isn't as

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EU Wheat Down As Eastern Europe Prospects Weigh

01/08/13 -- EU grains were firmer for a good part of the day, but turned lower in afternoon trade pressured by a weaker Chicago market once the daytime session across the pond opened.


London wheat closed with front month Nov 13 GBP1.40/tonne lower at GBP162.85/tonne, Jan 14 was also GBP1.40/tonne easier at GBP163.85/tonne and Nov 13 Paris wheat fell EUR2.50/tonne to EUR187.25/tonne. Both London

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EU Rapemeal Prices Continue To Fall

01/08/13 -- Rapemeal prices on the continent continue their fall from grace, and they'd risen to such lofty heights that it's a long way down.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Jul13

unq


n/a



Aug13

201.00


-6.00

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Chicago Extends Recovery, Will It Last?

31/07/13 -- Soycomplex: The volatility continues, with front end beans and meal putting back in some of the premium they'd given up lately. The prospect of a very large, and probably record, US crop looms but it just isn't here yet. Lanworth Inc actually lowered their forecast for US soybean production a fraction to 3.31 billion bushels, with yields trimmed to 42.9 bu/acre. They left world output

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EU Wheat Consolidates For Second Session

31/07/13 -- EU grains ended the day managing a bit more consolidation from recent losses for a second session. The recent fall to 12-19 month lows in London and Paris wheat has flushed out some buying interest and bargain hunting, even if most of it is being absorbed by Black Sea sellers for the time being.


On the day both Nov 13 and Jan 14 London wheat closed GBP1.75/tonne firmer at GBP164.25/

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Headline Of The Day

31/07/13 -- Picked up on the modern day marvel that is Twitter:

Frack the 'desolate' North East, says Tory peer (who lives in the south)


At least they think he said Frack, but as he had six plums and a couple of silver spoons in his mouth at the time it was difficult to tell.

Desolate? He's obviously never been to Middlebrough, or Greggs-land to give it it's proper old English name.

I'm

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EU Rapemeal Prices Extend Slide As Seed Hits Multi-Year Lows

31/07/13 -- Rapemeal prices on the continent continue to slide. Rapeseed prices in Europe slumped to a 3 year low last night, whilst Canadian canola futures hit a 33-month low.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
.nobrtable br { display: none }




Jul13

212.00


-8.00

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Is The Arse About To Fall Out Of The Potash Market?

31/07/13 -- The cynics amongst you might say that this is just another pathetically flimsy excuse just to post a picture of a Brazilian ladies peachy lycra-clad bottom, but that's not true.
There's serious journalistic intent here.

In lieu of not having a picture of potash in my files, I've been forced, as a last resort, to use a picture of a Brazilian ladies derriere instead, much as I am loath

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Chicago Mixed, Soy Down, Corn And Wheat Higher

30/07/13 -- Soycomplex: Beans fell sharply despite the USDA announcing a sale of 290,000 MT of new crop US soybeans to unknown. Some of the selling on front month Aug 13 may have been linked to tomorrow being first notice day on the contract. There's talk that China may have bought a cargo of western Canadian beans for Nov shipment. India’s Agriculture Commissioner estimated India’s soybean crop

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EU Wheat Consolidates, Production Estimates Keep Rising Though

30/07/13 -- EU wheat closed firmer for a change, in consolidation mode following recent declines to one year lows in the case of London wheat and 19-month lows for Paris wheat.


Nov 13 London wheat ended the day GBP1.50/tonne firmer at GBP162.50/tonne and with Jan 14 closing up GBP0.50/tonne at GBP163.50/tonne. Nov 13 Paris wheat rose EUR1.25/tonne to close at EUR187.50/tonne.


Friendless Aug

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Is There A Chink Of Light At The End Of The Tunnel For Wheat?

30/07/13 -- Most of us are hearing that the early French wheat harvest is throwing up some low proteins, also a bit of stuff has been cut in Germany with similar results, although it's early days yet.


My chum Rudy at Bloomberg said on Twitter yesterday that he'd "Hitched ride on combine in Nievre. After 4 days harvesting soft wheat yield normal, spec 80 kg/hl, protein 9.5-10% where normally

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EU Rapemeal Values Decline Further

30/07/13 -- Rapemeal prices on the continent are lower once again. As nearby July comes into line with new crop, prices there have fallen EUR40/tonne in a week. Nov/Jan is down EUR20/tonne versus last Tuesday.


Oil World have increased their forecast for the EU rapeseed crop to 20.5 MMT. German output is estimated up almost 21% to 5.8 MMT, with production in Poland expected to jump more than 26%

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The Morning News Round

30/07/13 -- The overnight market sees beans and meal mixed, corn around 3-4 cents higher and wheat up 5-7 cents.


Supporting wheat is news that Japan has rescinded it's ban on importing US western white wheat, which has been in place for two months now following the Oregon GMO scare. They say that they've finalised a GMO testing protocol and will obviously now be monitoring US shipments for

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Chicago Mixed, Outlook For Bumper 2013 Crops Weighs

29/07/13 -- Soycomplex: The recent capitulation of the front end Aug 13 beans and meal would appear to have finally flushed out some buying interest. The outlook for a bumper 2013 US soybean crop keeps the forwards under pressure though, as the weather forecast offers little in the way of threats for the time being, although the significantly cooler than normal temperatures across the Midwest may

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EU Wheat Down Again, Russia/Ukraine Influence Weighs

29/07/13 -- EU grains were lower again, with Aug 13 Paris wheat falling to a new lowest level for a front month since Dec 2011. The Nov 13 London wheat future ended at its worst in over a year too.


London wheat closed with front month Nov 13 GBP1.75/tonne lower at GBP161.00/tonne, Jan 14 was GBP1.10/tonne easier at GBP163.00/tonne and Nov 13 Paris wheat fell EUR1.50/tonne to EUR186.25/tonne.

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EU Rapemeal Prices

29/07/13 -- Rapemeal prices on the continent are mixed, lower nearby and a bit firmer further forward, essentially taking away some more of this front-end premium much as soymeal has been doing in Chicago in recent sessions.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
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The Morning Vibe

29/07/13 -- The overnight Globex grains are lower across most of the board, with beans down 10-14 cents, meal off USD3-4, corn around 2-3 cents weaker and wheat pretty much flat.


Dec 13 corn is down to its lowest levels since Nov 2010 as US weather continues with the non threatening theme. Aug 13 beans are at a more than 1-year low meanwhile.


Jordan are tendering to buy 100 TMT of wheat.

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The Rain In Spain

29/07/13 -- Has been falling mainly where there's grain it would seem, for our Spanish chums are in for their largest grain crop in more than 20 years, according to the local Cooperatives Agro-Alimentarias Group.

In a country dogged by habitual drought an unseasonably wet winter, followed by the 5th wettest spring since 1947, means that this year's grain harvest could soar 54% to 23.9 MMT this

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York Races - High Hopes

27/07/13 -- Well, in the two races mentioned at last night's York meeting the first was won by the horse drawn 19 out of 20 and the third race (13 runners) went to the horse drawn 10 with 11 coming second.

Continuing with the same theme, today's big sprint handicap is the 3.30, with the horses drawn highest being the well fancied Khubala (7/1) drawn 17, Rasman (18/1) drawn 18, Regal Parade (33/1

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Nearby Chicago Soy/Corn Values Fall Around 10 Percent On The Week

26/07/13 -- Soycomplex: The market closed mixed, with front months lower but new crop higher. After three days of pretty dramatic action today was a relatively calm affair, maybe that suggests that the old crop/new crop realignment has been done? The USDA reported that China had bought 220 TMT of new crop US soybeans. There's talk that China’s Sinograin bought four Brazilian bean cargoes earlier

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EU Grains Under Pressure From Cheaper Black Sea Crops

26/07/13 -- EU grains ended the day mixed with maybe just a hint of pre-weekend consolidation going on after another week of prices gradually grinding lower.

On the day both Nov 13 and Jan 14 London wheat closed unchanged at GBP162.75/tonne and GBP164.10/tonne respectively whilst Nov 13 Paris wheat settled EUR0.75/tonne easier at EUR187.75/tonne. There's no consolidation in sight yet for Paris

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EU Rapemeal Prices Slump Further

26/07/13 -- Rapemeal prices on the continent are sharply lower for a third day, following steep declines in CBOT soymeal.


Ukraine analysts ProAgro forecast OSR production there to jump 76% to 2.2 MMT this year, with almost the entire crop (2.1 MMT) likely to be exported, and the vast majority of that will be coming to Europe.


Paris rapeseed trades at lifetime contract lows, with Aug 13 at

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Chicago Soy Crash Continues For Third Day

25/07/13 -- Soycomplex: At this point it is tempting to just re-post yesterday's market report and simply change the date and see whether anybody can tell the differnce. Soybeans down heavily, with the biggest losses at the front end? Check. Meal locked in limit down? Check. Soybean oil at new lows not seen since October 2010? Check. Heavy fund selling across the board? Check. That's that then.

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EU Grain Demise Continues

25/07/13 -- EU wheat closed lower once more on what looks like harvest pressure and seasonal developments. Yet again Paris rapeseed took another slaughtering, falling to the lowest levels for a nearby month since Aug 2010. It's a job to know where this will end, the Aug 13 rapeseed contract expires next week but this total capitulation isn't just confined to the nearby contract, thither months

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Is Anyone Going To York Races Tomorrow Night?

25/07/13 -- There's some sort of Cargill-related do on I understand. For those who haven't got a clue about one end of a horse from another, it may interest you to know that I've spotted a bit of a trend in certain races at York lately.

Specifically, in sprints. Whilst not infallible (Disclaimer: always read the label, horses can run backwards as well as forwards etc) it would be interesting

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EU Rapemeal Values Slide

25/07/13 -- Rapemeal prices on the continent are finally showing signs of some long overdue capitulation. A limit down move in nearby Chicago soymeal values last night, and the overnight Globex market also locked in limit down this morning have the market under pressure today. Paris rapeseed futures meanwhile are setting lifetime contract lows on an almost daily basis, with Aug 13 down to levels

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Chicago Lower, Spreads Adjusting

24/07/13 -- Soycomplex: Extreme volatility continues with both front month beans and meal closing down the daily limit. Meal, which was limit up on Monday and traded between USD18 higher and USD18 lower yesterday, now closes limit down! Meanwhile the Aug 13/Nov 13 soybean spread, which was as wide as USD2.31 3/4 on Monday night has narrowed by almost a dollar in just two days to end at USD1.35 3/

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EU Wheat Mixed, Close To Multi-Month Lows

24/07/13 -- EU grains were mixed, consolidating a little from some of the recent losses. Nearby Nov 13 Paris wheat fell below EUR190/tonne at one point yesterday, for the first time since Dec 2011, before closing at a lifetime contract low, whilst Nov 13 London wheat finished at a 12-month low. Maybe a degree of consolidation was therefore in order.


London wheat closed with front month Nov 13

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EU Rapemeal Prices

24/07/13 -- Rapemeal prices on the continent are lower across the board, following declines in CBOT soymeal values last night and on impending harvesting of the EU 2013 rapeseed crop. Harvesting in Ukraine is nearing completion, and the crop looks like being more than 50% up on last year's levels.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with

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Chicago Ends Lower Across The Board, Soymeal Very Choppy

23/07/13 -- Soycomplex: A very volatile session saw front end beans and meal collapse, Aug 13 meal traded between USD18 up and USD18 down during the session, before settling towards the lower end of that range. Aug 13 beans also ended sharply lower in what was described as a very crowded bull market one week ahead of first notice day, by Benson Quinn Commodities. August options expire Friday too.

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EU Wheat Continues To Slide

23/07/13 -- EU grains ended lower, extending the recent slide, on harvest pressure. London wheat began the day higher, trying to consolidate a little, but with the pound rising to a 4-week high against the dollar, weaker US markets and new crop Dec CBOT corn slumping to its lowest levels since Nov 2010, holding onto those gains was never going to those early be easy. And so it proved.


Benchmark

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EU Rapemeal Prices

23/07/13 -- Rapemeal prices on the continent are mostly lower today, despite a precipitous rise in Chicago soymeal values last night and again this morning.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
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LH Jul13
260.00
+5.00


Aug13

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Chicago Soybeans And Meal Press On To New Highs, Oil Slumps

22/07/13 -- Soycomplex: It was a continuation of the same old theme, with nearby months posting strong gains on strong demand, tight US stocks and a likely late harvest further exacerbating the front end squeeze. Aug 13 meal closed limit up bid, with front month beans gaining almost 30 cents. This was a lifetime contract high for Aug 13 meal, whilst Aug 13 soybean oil closed at a new lowest close

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EU Wheat Down, Rapeseed At Near 3-Year Low

22/07/13 -- EU wheat closed lower, in a relatively slow start to the trading week, although one not without one or two interesting developments.


Nov 13 London wheat ended the day GBP1.65/tonne lower at GBP165.85/tonne and with Jan 14 also closing down GBP1.65/tonne at GBP167.25/tonne. Nov 13 Paris wheat fell EUR1.75/tonne to close at EUR192.50/tonne. Friendless Aug Paris rapeseed is falling

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EU Rapemeal Prices

22/07/13 -- Rapemeal prices on the continent are mostly firmer today, with the exception of nearby July, which continues to fall to realign itself closer to new crop levels.


Latest guide prices for EU rapemeal today, basis FOB Lower Rhine in euros/metric tonne, with change from previous trading session:
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LH Jul13

255.00


-5.00

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The Midday News

22/07/13 -- The overnight market sees beans and meal continuing to add nearby premium. Why on earth was Aug 13 such a substantial discount to Jul 13 when the latter expired a little over a week ago?


Corn is 2-3 cents easier on the overnight Globex market, with new crop Dec 13 crucially back below the USD5/bu mark. Wheat is 1-2 cents firmer. Both London and Paris wheat are up a tad.

Poor old

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Ensus Sold To Germans

22/07/13 -- Breaking news this morning is that stop-start UK bioethanol business Ensus has been sold for a knock-down price to German firm CropEnergies AG, a member of the Südzucker Group, the largest sugar producer in Europe.


CropEnergies say that they plan to invest more than GBP50 million to improve the competitiveness of the plant.


The acquisition was said to have been completed on Friday

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Chicago Market Close - Friday

19/07/13 -- Soycomplex: The market continues to add back in much of the nearby premium that was taken away when the Jul 13 bean and meal contracts expired. Strong demand for meal sees old crop US export sales now running at 99.9% of the USDA forecast for the season following yesterday's weekly report, the 5-year average for this time of the year is 88.7%. The word on the streets is that Argentine

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EU Wheat Grinds Lower, Rapeseed Takes Another Thrashing

19/07/13 -- EU grains were mixed in a relatively subdued session. The market appears to be waiting for the European wheat harvest to get into full swing before a better assessment of quality and yields can be made. Meanwhile though wheat is grinding slowly lower. There's nothing slow about the demise of rapeseed however, that market has fallen more than EUR100/tonne in less than 3 months.

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Chicago Markets Mostly Lower On Improved Weather Outlook

18/07/13 -- Soycomplex: Weekly soybean export sales of 702,300 MT were at the top end of expectations of 350-700 TMT, even so the market closed lower on an improved outlook for rain and cooler temperatures across much of the Midwest. Soybean oil remains friendless, tonight's close was a new multi-year low with Aug 13 settling at the lowest for a front month since October 2010. Meal is therefore

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EU Wheat Grinds Mostly Lower, Egypt Buys Black Sea Origin

18/07/13 -- EU grains were mostly lower on continued harvest pressure and weaker US markets. Fresh news was relatively thin on the ground. Benchmark Nov 13 London wheat closed GBP0.30/tonne weaker at GBP168.10/tonne, with Jan 14 down GBP0.10/tonne to GBP169.50/tonne and Nov 13 Paris wheat settling EUR0.25/tonne easier at EUR194.25/tonne.


French analysts Strategie Grains raised their forecast

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Chicago Mixed, Mostly Lower, Weather Dominates

17/07/13 -- Soycomplex: The market was narrowly mixed, with beans closing only a few cents either side of unchanged. The nears remain tight on lack of domestic availability and ideas that this season's US crop will be late due to delayed plantings. Lanworth Inc lowered their forecast for that from 3.360 billion bushels to 3.315 billion. They also cut their world soybean production forecast from

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EU Wheat Mixed, Chinese News Supports

17/07/13 -- EU wheat closed mixed. A stronger pound weighed on London wheat, following news that the BoE voted 9-0 earlier this month to keep QE unchanged versus a 7-2 split on June. UK unemployment also fell 57k, said the ONS.


Nov 13 London wheat ended the day GBP0.10/tonne lower at GBP168.40/tonne and with Jan 14 also closing down GBP0.10/tonne at GBP169.60/tonne. Nov 13 Paris wheat rose

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Chicago Market Comments - Tuesday

16/07/13 -- Soycomplex: The market closed sharply higher, adding to yesterday's gains, with the nears supported by strong demand and the cash basis at or near record levels. For soybeans we still have a picture of "jam tomorrow" - but tomorrow isn't today is it? Oil World said that China will import a record 7 MMT of beans this month versus the 5.87 MMT imported in July 2012. They also said that

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EU Wheat Mixed, UK Imports Up Sharply

16/07/13 -- EU grains were mixed in a relatively subdued and low volume session. Harvest pressure weighs, although ideas that the Russian crop might not be as high as official estimates suggest is supportive.


London wheat closed with front month Nov 13 GBP0.55/tonne firmer at GBP168.50/tonne and Nov 13 Paris wheat ended unchanged at EUR194.00/tonne.


The French wheat harvest is off to a

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Chicago Mixed, Soybeans Up, Corn And Wheat Lower

15/07/13 -- Soycomplex: The market began the week with new front month Aug 13 beans putting back in some of the nearby premium that the expiry of the Jul 13 contract took away on Friday. The June NOPA crush number of 119.1 million bushels was supportive, although down 3.5 million on May it was above the 115-117m that the trade was expecting. Only 105m/month was needed to hit the USDA target for

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