INTERNATIONAL GRAINS COUNCIL GRAIN MARKET REPORT

摘要

After last month's sharp rise, some grain prices moved still higher while others retreated, but with little fundamental change in the global supply and demand situation. Particularly strong were US maize (corn) and European barley values, while US andArgentine wheat lost ground. In a few countries, including some exporters, measures were being taken to safeguard local supplies and limit price rises, at times adding to market uncertainties. Wheat prices in the United States gave up some of the recentgains as technical trading and profit taking predominated, although deriving support from continued strength in maize. Despite the tight global supply situation, US wheat sales continued to lag behind the previous year's, while EU export licence applications slowed after the previous month's introduction of more restrictive validity terms. Nominal Black Sea values remained firm, supported by confusion regarding new licensing and quota measures in Ukraine. US maize futures climbed to 10-year highs as tightening world feed grain supplies and very strong domestic and export demand sparked heavy speculative buying. Higher prices and firm freight rates prompted more offers from China, although domestic markets there were also developing a bullish tone. Thebarley market was supported by active buying, Australia's sharply reduced export availabilities and Ukraine's new export quotas. EU feed barley export quotations achieved parity with milling wheat, while malting barley values climbed even more steeply.Oilseed markets also registered big gains in November, led by US soyabeans futures, which sought to maintain a sufficient premium over maize. Strong demand for rapeseed oil, especially in the biofuels sector, also boosted rapeseed and canola values. Riceprices displayed some contrasting movements, with the Thai market generally weakening, largely in anticipation of substantial stock releases, and values in Vietnam rising sharply due to nearby export supply and quality concerns. Ocean freight markets firmed in the past month on high shipping volumes, especially minerals to China and coal to Europe.