European cereals market: wheat rises, corn down at midday
wheat price was driven up while corn shriveled Friday at midday on the European futures market (Euronext) a bit active.
- "Wheat takes advantage of good French export prospects while maize suffers from poor U.S. sales," commented a trader.
- Thursday night Brussels authorized exports outside the EU, to 621,000 tons of wheat (including 427,000 tons from France) against 253,000 tons the previous week only. "These volumes have reassured the market," acknowledged one analyst.
- At Rouen the first grain port in Europe, 225,669 tons of wheat were shipped between 14 and 20 October mainly aimed to the Maghreb countries (Algeria 76,000 tons, Morocco 54,650 tons, Tunisia, 25,000 tons) and Libya (30,750 tons) .
- In corn, the recent rise in prices in the wake of soybean has scared away buyers. Thus, the United States, leading producers and exporters in the world, saw sales of the week drop from 77% to 212,500 tons. These poor figures weighed on prices of grain on Thursday night at the Chicago Stock Exchange, and blow-cons, those of the European corn.
- Thursday Brussels has allowed export licenses for 186,000 tons of barley, of which 110,000 tons from Germany, against 65,000 tons last seven days.
- In Rouen, 36,405 tons of barley were loaded during the past week, controlled entirely by Saudi Arabia, the world's largest importer.
- Friday at noon, wheat gained 0.50 to 0.75 euro (January 208 euros) in a volume of activity, however, limited to 3,200 lots traded in the late morning. Meanwhile, corn yielded 1.25 euro (January 197 euros) with less than 500 treated los.
- Not listed on the future market, barley cycle took hold in the physical market (OTC) worth € 180 delivered on the port of Rouen against 178 euros the previous day.
- Ennaharonline/ M. O.