• In the wake of CBOT wheat eyeing contract lows, EU grains could not go against the flow.
  • UK wheat continues to trade sideways in a very narrow £5/T range since February, torn between domestic tight stocks and the global feedstuff glut.
  • Despite solid EU wheat exports relative to last year’s poor harvest, Euronext wheat closed lower for a second consecutive day as the euro reached its highest in more than 3 weeks against the US Dollar, making the European origin less competitive on the export market (traded in USD).
  • Weekly US corn export sales were on the lower end of expectations at 756KT. Regarding wheat, the weekly US export sales were reported at 414KT (vs 250-450KT expected) but it was not enough to lend support to the US wheat complex with unthreatening weather outlook across the Plains.
  • Still on the weather theme, NE France and Germany will experience below freezing temperatures tonight and tomorrow although greater risks lie in the persistent dry conditions observed across Western Europe.
  • Weekly 2016/17 EU exports/imports overview:
    • wheat exports: 345.8KT / total: 19.6MlnT (vs 24.1MlnT LY);
    • barley exports: 68.4KT / total: 4.2MlnT (vs 9.1MlnT LY);
    • maize imports: 185.5KT / 9.3MlnT (vs 11.4MlnT LY).


  • Rapeseed recovered today amid concerns over a potential damaging cold snap hitting Western Europe, a 2-day rally in soy oil and  palm oil prices jumping 2%.
  • With disappointing weekly US soybean export sales of 211KT, CBOT soy futures were edging lower today.
  • Crude oil prices continue lower for a fourth consecutive session after yesterday’s 3.8% drop following  EIA data reporting a surprising build in US gasoline inventories.
  • Weekly 2016/17 EU oilseeds imports:
    • soybean: 193.3KT / total: 10.6MlnT vs 11.3MlnT;
    • rapeseed: 7.6KT / total: 3.3MlnT vs 2.8MlnT LY;
    • soymeal: 241.9KT / total: 14.2MlnT vs 16.4MlnT LY;
    • palm oil: 71.6KT / total: 4.5MlnT vs 5.5MlnT LY.

Chart of the Day#1: EU Wheat/Barley exports update

Chart of the Day#2: CPC US Temperature/Precipitation Outlook

Futures & Options prices