Net fold of the courses of the agricultural conveniences: panics on the markets
Tuesday, the prices of the agricultural conveniences underwent a Net fold in a renewal of panic of the operators. The volumes treated on the contracts of European wheat all confused expiries reached a very high level of almost 50,000 batches. The fall was done in important volumes, treated volumes of the contracts May 2011 and November 2011 are records. The fall was started in the course of session of American night under pressure of the tensions of the Arab world and the Middle East, the operators fearing of the difficulties of execution. The new rise of the rates of the obligatory reserves of the banks in China was also a heavy element on the courses: that made fear a reduction in the purchasing power of China by a less access to the credit. The confirmation of good prospects for production of soya in Brazil also brought its depression influence in a market taken of panic by the operators. The prices on Euronext started the day in clear fall and the courses were inserted with the opening of Chicago in limit down. The prices of European wheat lost until 19€/T, those of the corn 13€/T and those of colza 19,25€/T. In same time, the riots in Lybie brought to the declaration of a case of absolute necessity on the terminals of oil exportation, which point out it, export 80% their volumes towards the EU: in this context, oil literally exploded reaching the levels of price of September 2008.
French market
The prices on the French market posted a clear correction on line with the fall of the courses on the futures market. Nevertheless, the levels of price remain indicative in one day very volatile. The cereal ones sold in panic while the purchasers were not solved to benefit from the correction to buy.
British market
A wave of panic blew yesterday on the markets of the agricultural conveniences. The LIFFE plunged and the contracts May 11 and Nov.11 respectively enclosed with £196.75/T (- £9.95/T) and £160/T (- £10.50/T). With a more marked fall on the Parisian place, the spread Paris-London on the expiry May 11 returned on the 11€/T in favor of Euronext. On the foreign exchange market, Sterling slipped vis-a-vis the euro while returning on the 1.18€ and behaved in the same way vis-a-vis the dollar (£1=1.6128$).
Market Black Sea
Ukrainian the Prime Minister announced to be able to reconsider the attribution of additional quotas for corn (2-2,5MT) and the wheat (500-800KT) following the request for the companies of trading to give again a wind of activity at the markets of cereals. On February 9th, the Minister for the agrarian policy had announced that the government would re-study to become to it quotas with export on cereals on February 23rd. The cold wave in Ukraine is rather intense and makes fear damage of freezing on the colzas and barleys of winter in the zones not protected by snow.
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