Last week saw grains gain in value in the early part of the week owing to the Russia/Ukraine conflict but many contracts gave up some of the gains as the week ended. There is no evidence to suggest any slowing of Black Sea exports but it the situation is being watched closely. London November Wheat gained £1.80 overall on the week to close at £123.80 (€155.24). The MATIF November wheat contract closed up €0.50 but MATIF corn lost €5.00 on the week. The biggest talking point was the eventual setting of the delivered specs for the MATIF contract and they arrived at hectolitre 76kg, max 15% moisture, max 4% broken grains, max 2% impurities and base 220 Hagberg with a tolerance to 170. This is expected to rule out a huge proportion of French milling wheat from the export markets and could help UK exports. It is still hard to comprehend how a contract specification can be set and trades made against it but then a different spec is set for delivery. It is expected that the silos at Rouen will be clogged with wheat this winter for which there are few export markets. The above specs will rule out Frances traditional North African business. The August USDA report is due out tomorrow and is expected to show improved US corn and wheat production. Soya bean numbers will be closely watched with crop conditions being rated the best for 20 years.
Trident Maxibeet Unmolassed Sugar Beet 6mm
DM 89%, ME 11.1MJ/kg, Protein 8%, NDF 38%, Sugars 6.3%. (All fresh wt. basis).I'm offering asaOct-Apr ex New Ross and North East.
Provergo Wheat Distillers Pellets 6mm
DM 92%, Protein 32%, ME 12.6MJ/kg, Oil B 6.5%, Fibre 7.5% –all fresh wt basis.I've got Oct-Apr to offer ex New Ross.