= The old-crop market is very quiet, both
in the UK and across Europe. Old crop MATIF futures are close to unchanged from
this time last week.
⇓ Crops look very good across the
Continent and we can expect a new crop production figure for Europe around 21mln
t, mainly due to increased crop sizes in France and the UK.
⇑ This week has seen more new crop
activity with some cargoes traded FOB UK. August and November MATIF futures are
slightly firmer from last Thursday, mainly in-line with soybeans, which have
ticked higher after Monday’s USDA stocks and plantings report. There’s still
not much farmer selling in Argentina whilst Brazil’s harvest is progressing
well and is now in its final 20%.
⇓ With new crop rapeseed taking some
direction from soybeans, downward pressure remains likely given the large
planting intentions for beans rather than corn in the US. USDA’s domestic
2014/15 soybean area forecast came in at 81.493mln acres, higher than trade
estimates and above the 79.5mln estimated pre-Christmas.
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| English: Rape Seed field outside Polebrook (Photo credit: Wikipedia) |
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT which is published by Perendale Publishers Limited.
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