INFORMATION OF THE DAY
The purchase of wheat by Egypt does not counterbalance the fall of the courses…
The prices still yielded ground Wednesday on Euronext. The opening was rather with balance whereas the American night meeting was begun again in rise for wheat. Finally, in the morning, the European prices moved back under the influence of a pressure important saleswoman in the storm current depression. The announcement verbal of the Ukrainian ministry for the prolongation of the quotas of export made it possible to reassure the operators and offered a return towards balance to the mid--day. Then the results of the Egyptien invitation to tender for wheat were of good omen for the US prices and EU since the GASC (office of Egyptian purchase) chose 120KT US wheat and French wheat 60KT. Nevertheless, although this information supported the courses with the opening of Chicago, the prices did not resist the pressure depression and it followed from there a Net retreat of the prices to Paris but also to Chicago which lost 15c$/bu during the meeting. The Argentinian announcement of the additional attribution of 1MT of license to the wheat export carrying the total of the countryside with 8MT brought a little additional pressure. The prices of soya underwent as for them the good prospects for production in Brazil and the repercussions of the forecasts of US surfaces envisaged beyond waitings. The prices of corn took the fold and continued to correct in fall with in supplement Japan which seeks an alternative to the corn imports, considered to be too expensive.
French market
The prices of durum wheat resist downwards of common wheat and appear under evaluated compared to Canadian quotations. The activity on the market of durum wheat is on the other hand relatively calm. The cereal salesmen for harvest 2010 were more present because of the continuity of the fall of the courses. The operators are less present at the purchases for oleaginous seeds.
British market
In the wake of Euronext, the LIFFE still finished in strong fall. The expiries May 11 and Nov.11 respectively enclosed with £204/T (- £6/T) and £170.65/T (- £6.35/T). On the foreign exchange market, Sterling was penalized by the comments of the Bank of England as for the economic outlooks for the United Kingdom. Indeed, the growth in 2011 could be weaker in November than anticipated and inflation would return below the objective of the 2% only in 2 years. Sterling depreciated itself thus vis-a-vis the euro (£1=1.1856€) and vis-a-vis the dollar (£1=1.6064$).
Market Black Sea
The producers expect the rise in prices of cereals and retain the sales. Certain intermediaries also stopped their activities because of the update of the tax policy. The price-cutting of cereals on the worldwide market is not reflected in the bid prices by the Ukrainian exporters. The prices domestic and made harbor remained unchanged.
The purchase of wheat by Egypt does not counterbalance the fall of the courses…
The prices still yielded ground Wednesday on Euronext. The opening was rather with balance whereas the American night meeting was begun again in rise for wheat. Finally, in the morning, the European prices moved back under the influence of a pressure important saleswoman in the storm current depression. The announcement verbal of the Ukrainian ministry for the prolongation of the quotas of export made it possible to reassure the operators and offered a return towards balance to the mid--day. Then the results of the Egyptien invitation to tender for wheat were of good omen for the US prices and EU since the GASC (office of Egyptian purchase) chose 120KT US wheat and French wheat 60KT. Nevertheless, although this information supported the courses with the opening of Chicago, the prices did not resist the pressure depression and it followed from there a Net retreat of the prices to Paris but also to Chicago which lost 15c$/bu during the meeting. The Argentinian announcement of the additional attribution of 1MT of license to the wheat export carrying the total of the countryside with 8MT brought a little additional pressure. The prices of soya underwent as for them the good prospects for production in Brazil and the repercussions of the forecasts of US surfaces envisaged beyond waitings. The prices of corn took the fold and continued to correct in fall with in supplement Japan which seeks an alternative to the corn imports, considered to be too expensive.
French market
The prices of durum wheat resist downwards of common wheat and appear under evaluated compared to Canadian quotations. The activity on the market of durum wheat is on the other hand relatively calm. The cereal salesmen for harvest 2010 were more present because of the continuity of the fall of the courses. The operators are less present at the purchases for oleaginous seeds.
British market
In the wake of Euronext, the LIFFE still finished in strong fall. The expiries May 11 and Nov.11 respectively enclosed with £204/T (- £6/T) and £170.65/T (- £6.35/T). On the foreign exchange market, Sterling was penalized by the comments of the Bank of England as for the economic outlooks for the United Kingdom. Indeed, the growth in 2011 could be weaker in November than anticipated and inflation would return below the objective of the 2% only in 2 years. Sterling depreciated itself thus vis-a-vis the euro (£1=1.1856€) and vis-a-vis the dollar (£1=1.6064$).
Market Black Sea
The producers expect the rise in prices of cereals and retain the sales. Certain intermediaries also stopped their activities because of the update of the tax policy. The price-cutting of cereals on the worldwide market is not reflected in the bid prices by the Ukrainian exporters. The prices domestic and made harbor remained unchanged.
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