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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