- Today’s EU data showed soft wheat exports out of the EU continued to lag behind last years pace at 18.8MT vs 23MT last year with 231KT traded in the last week.
- EU barley exports are at 4.1MT which is 53% lower than one year earlier.
- FranceAgriMer today cut their forecast for French soft wheat stocks this season by 400KT to 2.6MT. They also cut French barley stock by 600KT from last month to 1MT due to stronger exports forecasted.
- Many UK farmers particularly in the South and East are hoping for rainfall over Easter following a dry spell as spring crops try to establish.
- The association of German Farm Cooperatives pegged the country’s 2017 wheat harvest at 25.26MlnT (+2.7% yoy).
- BDI shipping index rose today as panamax shipping rates increase to a 3-year high.
- Rapeseed prices bounced off near term support levels and its 200-day moving average as the May contract enters its final 2 weeks of trading. However with the 2017 German winter rapeseed crop seen to rebound 7.1% to 4.93MlnT [Source: German Farm Cooperatives], gains were limited on new-crop contracts.
- Palm oil prices remain at 6-month low as output remains higher than expected.
- Better weather in Argentina over the next 10 days will allow the delayed soybean harvest to make progress although longer term forecasts show rains could return.
Chart of the Day#1: EU Wheat/Barley exports
Chart of the Day#2: 15-Day EU Forecast Precipitation (% of Normal)
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