EU Wheat Ends Higher Monday On Argy Worries
EU wheat futures closed higher as weather in Argentina continues exceptionally dry and hot.
Paris March milling wheat closed up EUR2.50 at EUR151/tonne, whilst London May feed wheat ended up GBP2.50 at GBP118.50/tonne.
We have an interesting situation developing in the wheat market, with burdensome stocks counteracted by a potentially lower outlook for next season crops.
Forex concerns are also to the fore with sterling suffering a torrid day after Alastair Darling confirmed another £100 billion rescue package for UK banks, only to find that RBS announced £20 billion of losses later during the day.
The pound dropped around 4 cents against the dollar on the day.
Paris March milling wheat closed up EUR2.50 at EUR151/tonne, whilst London May feed wheat ended up GBP2.50 at GBP118.50/tonne.
We have an interesting situation developing in the wheat market, with burdensome stocks counteracted by a potentially lower outlook for next season crops.
Forex concerns are also to the fore with sterling suffering a torrid day after Alastair Darling confirmed another £100 billion rescue package for UK banks, only to find that RBS announced £20 billion of losses later during the day.
The pound dropped around 4 cents against the dollar on the day.