Liffe/Euronext Friday Close: Lower across the board
Paris-based May wheat dropped EUR10.75 a metric ton, or 4.1%, to close at EUR249.50/ton with 3,621 lots moved. Earlier, May set a 2-month low of EUR246.25/ton.
On the week, Paris May wheat fell EUR17.5/ton, which follows the previous week's drop of EUR17/ton.
London-based May feed wheat fell GBP5.5, or 3%, to end at GBP179/ton with 401 lots moved. November dropped GBP1.50, or 1%, to end at GBP150/ton with 545 contracts traded.
On the week, U.K. delivered feed wheat prices were mostly down GBP1.50/ton-GBP7/ton.
Also pressured with the rest of the general commodity sector, Paris-based May rapeseed fell EUR15.25, or 3.3%, to end at EUR445/ton, with 1,474 lots traded.
In the Paris corn market, June ended down EUR3, or 1.5%, at EUR193.50/ton, with 684 lots traded.
On Thursday, the International Grains Council forecast E.U. wheat output will rise by 15.4% in 2008-09 to 138.4 million tons. Output was seen up in most areas due to higher forecasts for yields and area, except for Spain because of dryness issues there.
In a similar move, the E.U.'s organization of grain traders, the Comite du Commerce des Cereales, or Coceral, forecast E.U. soft wheat output to rise by 15.1% on the year to 128.6 million tons. Coceral also looks for a combination of increased area and higher yields on the year following last year's weather woes.
Brokers also pointed to added nervousness in the grain and oilseed futures ahead of Monday's U.S. Department of Agriculture prospective plantings and quarterly stocks report.
On the week, Paris May wheat fell EUR17.5/ton, which follows the previous week's drop of EUR17/ton.
London-based May feed wheat fell GBP5.5, or 3%, to end at GBP179/ton with 401 lots moved. November dropped GBP1.50, or 1%, to end at GBP150/ton with 545 contracts traded.
On the week, U.K. delivered feed wheat prices were mostly down GBP1.50/ton-GBP7/ton.
Also pressured with the rest of the general commodity sector, Paris-based May rapeseed fell EUR15.25, or 3.3%, to end at EUR445/ton, with 1,474 lots traded.
In the Paris corn market, June ended down EUR3, or 1.5%, at EUR193.50/ton, with 684 lots traded.
On Thursday, the International Grains Council forecast E.U. wheat output will rise by 15.4% in 2008-09 to 138.4 million tons. Output was seen up in most areas due to higher forecasts for yields and area, except for Spain because of dryness issues there.
In a similar move, the E.U.'s organization of grain traders, the Comite du Commerce des Cereales, or Coceral, forecast E.U. soft wheat output to rise by 15.1% on the year to 128.6 million tons. Coceral also looks for a combination of increased area and higher yields on the year following last year's weather woes.
Brokers also pointed to added nervousness in the grain and oilseed futures ahead of Monday's U.S. Department of Agriculture prospective plantings and quarterly stocks report.