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Gus Trompiz

GRAINS-Corn set for weekly loss on favourable U.S. crop weather

26 Jun 2020

* Rains across U.S. Midwest seen boosting corn, soy production * IGC raises forecasts for 2020/21 global wheat, corn crops * Grain markets turn focus to USDA June 30 acreage, stocks reports (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, June 26 Chicago corn futures steadied on Friday after a six-week low in the previous session, but stayed on course for a weekly drop as crop-friendly U.S. weather reinforced expectations of a bumper harvest. Soybeans edged lower as favourable growing conditions in the U.S. Midwest also curbed the oilseed market. Wheat inched down as it remained capped by improving prospects for northern hemisphere harvests, although it was set to rise over the week after hitting a nine-month low last Friday. Grain markets were also turning their attention towards U.S. Department of Agriculture planting and stocks estimates next Tuesday. Analysts are expecting, on average, the USDA to show a modest shift from corn to soybeans compared with the agency's previous area projections. "Crop conditions in the U.S. corn belt are pretty good and likewise for corn in Ukraine," Nathan Cordier of consultancy Agritel said. "With the big supply coming in corn, even with a reduced U.S. plantings estimate the market is going to be heavy." The most-active corn contract on the Chicago Board Of Trade was up 0.2% at $3.28-3/4 a bushel, as of 1115 GMT. CBOT wheat was down 0.2% at $4.87-1/4 a bushel while CBOT soybeans inched down 0.1% to $8.67-3/4. Forecasts of rains across the U.S. Midwest have supported prospects of a large harvest, although latest weather outlooks also showed high temperatures expanding to part of the belt next week. The International Grains Council on Thursday raised its forecast for global wheat and corn production. In soybeans, traders were continuing to assess exports to China, setting a run of recent U.S. sales for next season against large Chinese purchases of Brazilian soybeans for this season. Prices at 1115 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 487.25 -1.00 -0.20 558.75 -12.80 CBOT corn 328.75 0.75 0.23 387.75 -15.22 CBOT soy 867.75 -0.50 -0.06 955.50 -9.18 Paris wheat December 180.00 0.00 0.00 188.75 -4.64 Paris maize Aug 166.00 0.25 0.15 180.00 -7.78 Paris rape Aug 372.50 -2.25 -0.60 411.50 -9.48 WTI crude oil 39.04 0.32 0.83 61.06 -36.06 Euro/dlr 1.12 0.00 0.06 1.1210 0.12 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by Sherry Jacob-Phillips and Louise Heavens)

Total reviewing pipeline to Grandpuits oil refinery after leaks

12 Jun 2020

PARIS French energy group Total is conducting an audit of a pipeline that supplies its Grandpuits refinery near Paris following leaks in recent years, a spokesman said on Friday.

GRAINS-Wheat at 3-week low as USDA outlook adds to supply pressure

12 Jun 2020

* USDA raised U.S. wheat crop, hiked world stocks to record * Wheat already pressured by U.S. harvest, higher Russia estimates * Corn steady after USDA cut ethanol demand less than expected * Soybeans also steady as China demand underpins oilseed market (Updates with European trading, changes byline/dateline) By Gus Trompiz and Colin Packham PARIS/SYDNEY, June 12 Chicago wheat eased to a three-week low on Friday as a U.S. government forecast of record world wheat stocks added to supply pressure from an advancing U.S. harvest and increased crop estimates in Russia. Corn was little changed as traders weighed the U.S. Department of Agriculture's (USDA) June supply-demand report that increased projected U.S. corn inventories but cut ethanol demand by less than anticipated by some analysts. Soybeans edged higher as a run of exports to China supported prices and offset the USDA's reduced estimate of U.S. soy exports this season. Grain markets also found some support in steadier equity and commodity markets, after a day-earlier slide triggered by fears that a fresh wave of coronavirus infections could worsen an economic downturn. The most active one-month wheat contract on the Chicago Board Of Trade was down 0.8% at $4.95-1/2 a bushel by 0948 GMT. It was near a session low of $4.95-1/4, its weakest since May 18. "The USDA's crop report has sunk the wheat because it added a hefty amount to their global wheat inventory estimate," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. In addition to raising expected world inventories to a record 316 million tonnes for 2020/21, the USDA increased its outlook for the U.S. harvest and for U.S. stocks. The start of the U.S. harvest and upward revisions by leading consultancies SovEcon and IKAR to their forecasts for this year's Russian wheat harvest have also curbed wheat prices this week. But analysts noted that much of the USDA's global supply was accounted for by China and India, and that uncertainty remained over northern hemisphere harvests after dry spells in spring. "With weather risk remaining, CBOT wheat will likely hold on to its price range for the next four to six weeks," Rabobank said. Prices at 0948 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 495.50 -3.75 -0.75 558.75 -11.32 CBOT corn 330.25 0.50 0.15 387.75 -14.83 CBOT soy 867.00 1.00 0.12 955.50 -9.26 Paris wheat December 184.75 0.00 0.00 188.75 -2.12 Paris maize Aug 168.25 0.00 0.00 180.00 -6.53 Paris rape Aug 375.50 0.00 0.00 411.50 -8.75 WTI crude oil 36.37 0.03 0.08 61.06 -40.44 Euro/dlr 1.13 0.00 0.15 1.1210 0.93 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Colin Packham in Sydney; Editing by Rashmi Aich and Nick Macfie)

GRAINS-Soybeans hold near 3-week high on Chinese demand

04 Jun 2020

* U.S. soybeans consolidate after rally on Chinese demand * Grain market awaits weekly U.S. export sales data * Wheat higher on pre-harvest weather risks, corn steady (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, June 4 Chicago soybean futures were little changed on Thursday, holding near a three-week high as fresh demand from China supported prices while traders awaited weekly U.S. export sales data. Wheat rose for a second session as hot weather forecast in U.S. and Russian growing belts kept attention on harvest risks. Corn edged higher. The U.S. Department of Agriculture (USDA) on Wednesday reported sales of 186,000 tonnes of U.S. soybeans to unknown destinations, which analysts said likely meant China. This came after U.S. soybean sales for China confirmed earlier in the week easing concerns that political tensions between Washington and Beijing would disrupt agricultural trade. The most-active soybean contract on the Chicago Board Of Trade was down a quarter of a cent at $8.57-1/4 a bushel by 1017 GMT, after earlier equalling Wednesday's three-week high of $8.58. "Every favourable indication on Chinese demand is helping soybean prices," Sebastien Poncelet of consultancy Agritel said. Recent weakness in the dollar has reinforced export optimism, while gains in palm oil have also supported soybeans and other oilseed markets, analysts said. A steadier dollar and weaker crude oil and palm oil on Thursday encouraged soybeans to consolidate. The USDA will report weekly U.S. grain export sales at 1230 GMT. U.S. soybean and corn prices were being capped by broadly favourable growing conditions in the Midwest crop belt. CBOT corn added 0.5% to $3.25-3/4 a bushel. A large short position held by investors was underpinning corn while traders assessed Midwest growing conditions and recovering ethanol demand as lockdowns to counter a coronavirus epidemic are eased. Wheat rose 1.1% to $5.17-3/4 a bushel. High temperatures expected in the southern United States in the coming week and hot weather forecast in southern Russia later in June were supporting prices, despite rain relief for dry western European wheat belts. "The weather market is still open in wheat," Poncelet said. Prices at 1017 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 517.75 5.75 1.12 558.75 -7.34 CBOT corn 325.75 1.75 0.54 387.75 -15.99 CBOT soy 857.25 -0.25 -0.03 955.50 -10.28 Paris wheat December 188.50 1.25 0.67 188.75 -0.13 Paris maize Jun 165.25 -4.75 -2.79 168.50 -1.93 Paris rape Aug 373.00 -1.25 -0.33 411.50 -9.36 WTI crude oil 36.62 -0.67 -1.80 61.06 -40.03 Euro/dlr 1.12 0.00 -0.22 1.1210 -0.03 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by Sherry Jacob-Phillips and Mark Potter)

Paris food hub emerges from lockdown with hopes of restaurant return

15 May 2020

RUNGIS, France Business is stirring at a giant wholesale produce market near Paris after France loosened coronavirus containment measures this week, but food firms are waiting for restaurant and hotel trade to return before celebrating.

Missing Bangkok, Paris tourists omen of global wheat demand collapse

08 May 2020

SINGAPORE/BANGKOK/PARIS In Bangkok's usually bustling Sukhumvit district the coronavirus pandemic has decimated the tourist trade at the restaurant Permruedee Labnongsaeng owns, cutting daily sales to 5% of normal.

'Whole new business' - Farmers innovate to get food from field to plate

07 May 2020

By Gus Trompiz, Sybille de La Hamaide and Christopher Walljasper

UPDATE 2-French wheat exports outside EU seen at record high in 2019/20

15 Apr 2020

* FranceAgriMer ups non-EU soft wheat export outlook to 13.2 mln T

GRAINS-Corn at 3-1/2-year low on weak fuel demand, big U.S. acreage

06 Apr 2020

* S.American supply, slowing Chinese demand pressure soybeans

GRAINS-Wheat recovers after slide as coronavirus demand effects weighed

03 Apr 2020

* Corn firm on oil rebound, soybeans little changed (Updates with European trading, changes byline/dateline)

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