EU & World cereal market situation

2008/09 Marketing Year US financial crisis 1 euro= $1.46113 General Context US financial crisis 1 euro= $1.46113 Freight rates Crude oil: On Wednesday the change eur/$ closed at 1.4094. This is a 11-month low against the dollar which is strengthening after benefitting from the U.S. Advisory Committee, Brussels, 26/09/2008

Euro/dollar exchange rate Advisory Committee, Brussels, 26/09/2008

Fret : Baltic Dry Index 4 163

EU 27 Cereal Area Advisory Committee, Brussels, 26/09/2008

Agrometeo conditions in July-August 2008 No significant extreme events occurred. general favorable thermal conditions very wet in northern latitudes (field works disturbed) Advisory Committee, Brussels, 26/09/2008

Advisory Committee, Brussels, 26/09/2008

EU-27 Cereal Production Advisory Committee, Brussels, 26/09/2008

EU 27 cereal production Advisory Committee, Brussels, 26/09/2008 DG-AGRI Outlook cereal production figure is increased to 307.3 mio t. (303 last forecast), about 50 mio t. more comparing to last year. Soft wheat is expected at almost 137 mio t (112 last year). Durum wheat at 9.6 versus 8.2 mio t last year; barley at 64.6 mio t (57.7 last year) and maize at 61.9 against 48.3 last year. Advisory Committee, Brussels, 26/09/2008

EU 27 Balance Advisory Committee, Brussels, 26/09/2008

EU Export Commitments Advisory Committee, Brussels, 26/09/2008

EU Import Commitments Advisory Committee, Brussels, 26/09/2008

USDA – Sept Report Wheat Production Advisory Committee, Brussels, 26/09/2008

USDA –Sept Report Advisory Committee, Brussels, 26/09/2008 Source: USDA Advisory Committee, Brussels, 26/09/2008

Wheat export prices since 1/1/2007 Large global wheat supplies continued to keep under pressure export prices in the past weeks, although concerns that crops in Australia and Argentina might not be as big as expected provided some support. Declines were also linked to strength in the US dollar and the continued general weakness of commodities, especially crude oil, under heavy speculative selling pressure. US SRW FOB Gulf is quoted at 231 $/t against 238 $/t last week and 268 $/t two weeks ago. Black see feed FOB decreased to 190 $/t (215 $/t two weeks ago). Advisory Committee, Brussels, 26/09/2008

EU Wheat prices since 1/1/2007 European Union wheat prices fell further this week under pressure of plentiful global wheat supplies and falling crude oil continued. In Germany, prices were pushed down by continuing pressure from the large new crop coupled with the fall in Paris. Nevertheless, the fall in the euro against the dollar is expected to help EU exports in the new campaign. Dlvd Rouen reached 170 €/t while was 183 and 191 €/t respectively one and two weeks ago, FOB Hamburg is at 190 eur /t as one week ago while Feed FOB UK at 141 (144 one week ago). In Paris, Euronext November wheat futures hit a 14-month low of 166.50 euros before holding around the key support level of 168 euros. Advisory Committee, Brussels, 26/09/2008

Common Wheat purchases Iraq: 200 000 t of Russian hard milling wheat at around $300 /t FOB (24/09). Egypt: Yesterday 120 000 t of Russian wheat at 269 $/t c&f. Last week 205 000 t of wheat all from Russia and Ukraine at prices ranging from $236 to $243/t fob. The week before: 190 000 t including 115 000 t from the EU at $251/t fob and 75 000 t from Russia/Ukraine at $250/t fob. Tunisia: 92 000 t soft wheat in a tender on 12 September/ milling wheat between $284.00 and $287.97 /t c&f. Morocco awarded licences for the import of 765 000 tonnes of soft wheat (11 September) Advisory Committee, Brussels, 26/09/2008

USDA –Sept Report Maize Production Advisory Committee, Brussels, 26/09/2008

USDA –Sept Report Advisory Committee, Brussels, 26/09/2008

Maize and sorghum export prices since 1/1/2007 US maize prices posted further losses, declining to 236 $/t, 8$ since last week and 16$ two weeks ago, with trading largely influenced by external market developments; i.e. general weakness in commodities, including a retreat in crude oil values, US dollar strength and slow export demand. Advisory Committee, Brussels, 26/09/2008

EU maize prices since 1/1/2007 Maize Dlvd Bordeaux quotations fell from 182 €/t two weeks ago to 170 €/t (Tuesday quotation). MATIF futures posted further losses, the spot Nov contract down by 8%, weighed by slow demand and ample supplies of alternative feedgrains. Advisory Committee, Brussels, 26/09/2008

IGC – Sept Report Advisory Committee, Brussels, 26/09/2008

IGC –Sept Report Advisory Committee, Brussels, 26/09/2008

Durum Wheat EU Prices Advisory Committee, Brussels, 26/09/2008

Durum Wheat purchases Tunisia: 75 000 t durum in a tender on 12 September/ between $476.94 and $479.10 a tonne c&f. Advisory Committee, Brussels, 26/09/2008

Thank you for your attention Advisory Committee, Brussels, 26/09/2008