Quiet EU market as estimates come in HGCA
Tuesday, 14 December, 1999
French wheat saw activity wind down mid-week as many co-operatives held their general meetings before closing down for the year. French maize also saw the recent Spanish short covering disappear, with Spanish buyers away for two national holidays.
German cereal prices were largely firmer from last week, although German “E” wheat and quality wheats have reportedly come under pressure. Intervention offers for November are below those offered the same time last year, particularly so in the case of wheat.
Germany from July to September exported 2.6 million tonnes, which is a rise from 1.8m tonnes last year.
EU planted area for grains next year has been estimated at 35.58m hectares by Coceral. Of this, soft wheat sowings are expected to rise by 6%, while barley is expected to fall by 4.1%.
ONIC, the French Cereals Authority revised up its estimate of total grain carryover for 1999/00 at 33.6m tonnes, up from 32.7m tonnes previously. It also revised up its carryout for 1998/99 reflecting a fall in exports over the season.
French 2000 soft wheat and winter sowings are thought to be 3% and 1.7% respectively higher, compared to 1999 levels. ONIC has suggested that 6.74m hectares of land have been sown with winter grains. This figure excludes spring barley, maize and sorghum.
In the malting barley market, China, Russia, Tunisia, and Turkey continue to show some interest, while Taiwan has tendered to buy 66,000 tonnes.
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Taken from HGCA weekly MI Bulletin To contact the HGCA phone 020 7520 3972 Click here to visit the Home-Grown Cereals Authority |
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