Paris Wheat Futures Continue Slide
Paris-based milling wheat futures are lower for the seventh session in a row Monday with November down EUR1.25 at EUR184.75/tonne.
With no guide coming from Chicago today due to the Labor Day holiday trading is slow and futures are drifting lower on a lack of bullish news traders say.
London feed wheat is mixed with November up 50p to GBP120.50, still only just above a nine month low of GBP120 set Friday. March feed wheat however is GBP1 easier at GBP125.25/tonne.
A sharply weaker sterling is seen a mildly supportive as it will help UK wheat become a little more competitive in the export arena.
Forecasts for a return to wetter weather continues to frustrate farmers efforts to get the wheat harvest in. UK grain farmers face some difficult decisions whether to cut their losses and harvest now with moisture levels high, incurring some hefty drying charges. Or to hope that the weather improves, risking a further deterioration in quality.
With no guide coming from Chicago today due to the Labor Day holiday trading is slow and futures are drifting lower on a lack of bullish news traders say.
London feed wheat is mixed with November up 50p to GBP120.50, still only just above a nine month low of GBP120 set Friday. March feed wheat however is GBP1 easier at GBP125.25/tonne.
A sharply weaker sterling is seen a mildly supportive as it will help UK wheat become a little more competitive in the export arena.
Forecasts for a return to wetter weather continues to frustrate farmers efforts to get the wheat harvest in. UK grain farmers face some difficult decisions whether to cut their losses and harvest now with moisture levels high, incurring some hefty drying charges. Or to hope that the weather improves, risking a further deterioration in quality.