Wheat Holds Steady Today
By ODA UK | Published at
In grains, U.S. wheat prices were rising as the European session closed. At 273KT, U.S. export sales were below expectations, but the pace continues to be enough to meet USDA targets. Traders were also monitoring new snowfall across the U.S. spring wheat production zone, which was supporting U.S. prices.
Euronext wheat also climbed, which allowed the May-19 expiry to regain yesterday's losses and to stagnate around €189/T for the sixth consecutive session. A European analyst revised 2019 European wheat production lower due to dry conditions, which also contributed to our market holding steady.
In maize, despite the concerns that persist about U.S. planting given the new storm forecast for the Corn Belt, Chicago prices were sinking slightly as Euronext closed. Indeed, U.S. maize export sales continued to be disappointing with only 548KT sold last week. European maize made a similar move.
On the oilseeds market, palm prices fell further today as they continued to integrate MPOB figures released yesterday. Nonetheless, the decline was contained by good Malaysian palm export numbers for the first ten days of April that were up 28% compared to the same period in March.
Soybean and soya meal prices slumped a bit in Chicago due to disappointing U.S. weekly export sales. At 270KT, soya sales were sharply below expectations (between 0.8MT and 1.15MT).
Despite declines for the soya complex and for palm, rapeseed prices were near equilibrium.