April 12th

Market Report

In France and some parts of Europe, frost damage has been reported mainly on the most vegetative advanced crops such as winter barley and rapeseed. Damage to early sown spring crops such as malting barley and sugar beet have also been recorded.

On 5 April, i.e. before the cold snap, FranceAgrimer posted a crop rating for wheat unchanged from the previous week at 87% as good to excellent. The crop rating for winter barley improved to 85% from 84% the week before, as did the spring barley to 92% from 91%. No doubt next crop ratings will fall, after taking into account last week's cold snap.

Rapeseed prices continue to be volatile with a drop linked to a USDA report deemed bearish for soybeans and a lower canola. However, for the 2021 crop, prices remain firm because of fears of further downward revisions of the European production, especially in France after the frost episode.

China sold approximately 512Kt of wheat in its state reserve auctions as of 7th April, approximately 13% of the amount offered. This is reported as the lowest volume sold this year following an easing of domestic corn prices. Dalian corn futures down 2.2% as of the end of March from beginning of the year.