Prices 5/12/18

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Wheat lost a little of it’s speculative volatility as Russian and Ukraine tensions appear to have eased a little. Support came from a lower EU wheat crop. According from Coceral the EU 28 block produced 128.6mt of wheat this year, this is about 1.3mt lower than the September estimate. The largest adjustment was in France where 1mt of wheat production was removed leaving production at 34.2mt down 6.6% year on year.

Argentina has register grain sales of roughly 5.1mt for the November > February period. Total annual exports are expected to reach 12.4mt, only a 3% increase year on year. This is a little lower than many had expected, frosts and wet weather pruned production across the NW of the country leading up to harvest. Quality is also questionable in some parts of Cordoba and Santa Fe.

Romania picked up 60kt of wheat into Jordan overnight. The trade say it was booked at US$267.40 CnF which is about US$4.00 higher than the last tender booked a little while ago.

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