Prices 3/9/19


With US markets closed for the day information is a little thin on the ground this morning.
A quick look at the EU market shows rapeseed back a little across all contract months while milling wheat futures at Paris are also a little lower. London feed wheat futures were also softer, slipping £1.65 on the January contract to £131.45.

EU wheat exports are up 20% on this time last year as you might expect. Corn imports are strong with almost 460kt coming into EU ports this week. There is also lots of talk of damage to canola crops after the government put further restrictions on insecticide usage. Canola area is expected to be reduced again in 2020-21.

In the UK farmers finally got a crack at harvest, after recent weather delays, pushing harvest up to around 80% complete. Quality has held on exceptional well although the wet finish has diluted protein content a little in the milling grades.  Test weight has held on well and so far the yield is also good at around 8.8t/ha, a little higher than the long term average.

Cash prices for wheat around the world were generally flat with the US taking the day off. Offers out of Western Australia were a tad lower with WA wheat now likely to land in an Eastern Australian port for around $390 FOT port facility, less grade spreads.