London Wheat Up Most In A Month
London wheat is currently posting its largest daily gain in a month today, with January futures £2.25/tonne higher at £96.50/tonne.
Another appalling performance from sterling is encouraging buyers into the market as producer selling remains light in the run-up to Christmas.
One or two are even predicting that the bottom of the market is in!
Certainly the recent precipitous drop has been arrested as indicated by the chart below:
Jan 09 London Wheat Future
The pound has hit multi-year lows against the US dollar this week, and yesterday set a record all-time low against the euro, fostering belief that UK wheat is finally becoming competitive on the export arena.
Paris wheat is posting only modest gains of EUR0.50-EUR1.00/tonne.
Another appalling performance from sterling is encouraging buyers into the market as producer selling remains light in the run-up to Christmas.
One or two are even predicting that the bottom of the market is in!
Certainly the recent precipitous drop has been arrested as indicated by the chart below:
Jan 09 London Wheat Future
The pound has hit multi-year lows against the US dollar this week, and yesterday set a record all-time low against the euro, fostering belief that UK wheat is finally becoming competitive on the export arena.
Paris wheat is posting only modest gains of EUR0.50-EUR1.00/tonne.