Grains - Grain Products

Cereals daily: lower estimates for wheat crops

July 13, 2020 11:23 AM, Der AUDITOR
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CHICAGO/PARIS. Market and price trends with first estimates, including information on the WASDE report for wheat and corn.

Wheat: WASDE Report tends to be bullish
After the bullish WASDE Report for wheat with reduced crop expectations of 49.63 million metric tonnes in the USA, 139.5 million metric tonnes in the EU-28 and 76.50 million metric tonnes in Russia, there was a breather on the market. In France, trade remained closed because of tomorrow's bank holiday. France's wheat harvest was 10 % complete. The trade reported weaker yields, but high good protein values. FranceAgriMer expects 31 million metric tonnes of wheat, 21% less than last year. The wheat rush has begun in southwest Germany. In Bulgaria the government expects a 25% lower result with 4.5 to 4.9 million metric tonnes. The holiday season seemed to bring hotels, restaurants and bakeries good sales recently, but this summer Germans are taking holidays in their own country, which is reflected in higher bookings and full shops.

Wheat (front month)

CBoT (USD/bu)

535.75

0.2 %

MATIF (EUR/mt)

187.00

-0.4 %

Black Sea (USD/mt)

203.50

0.2 %


Wheat spot market

Milling wheat (12/220/76)

Parity

EUR/mt

Diff. EUR/mt

Rouen FOB

219.47

0.00

Hamburg DDP*

187.00

1.00

Rhineland DDP*

187.00

1.00

Neuss DDP*

185.00

1.00

Upper Rhine Region FOB*

179.00

1.00

Feed wheat (72/73)

Netherlands CIF*

188.00

0.00

Creil FOB*

181.00

0.00

South Oldenburg DDP*

188.00

0.00

Westphalia DDP*

187.00

0.00

Upper Rhine Region FOB*

175.00

0.00

Trade sources
*Price valuations

Corn: WASDE report and rain in the Corn Belt 

The corn market in Chicago showed significant losses in the morning, which was recently related to rainy weather forecasts in the Corn Belt. Although the WASDE Report provided a boost with US corn crop forecasts reduced to 381 million metric tonnes and US corn supplies reduced to 67 million metric tonnes, this was already seen in the market. Russia's corn crop was increased to 15.3 million metric tonnes, Canada's to 14.6 million metric tonnes. The USDA reported export sales of 1.365 million metric tonnes of corn to China. Corn supplies are developing very well in France and Southern Germany.

Corn (front month)

CBoT (USD/bu)

333.50

-5.2 %

MATIF (EUR/mt)

176.75

0.5 %


Corn - physical market

Grain maize (commercial)

Parity

EUR/mt

Diff. EUR/mt

Bordeaux FOB

167.00

0.00

South-Holland CIF

190.00

0.00

South Oldenburg DDP

195.00

0.00

Brake FOT

195.00

0.00

Westphalia DDP

195.00

0.00

Upper Rhine Region FOB

186.00

0.00

Trade sources

DDGS spot market

DDGS (Front month)

Parity

EUR/mt

Diff. EUR/mt

Zeitz EXW

183.00

0.00

Trade sources   

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