EU Wheat Futures Lower In Corrective Move
EU wheat futures are lower at lunchtime Thursday in what is being described as a technical correction from recent rises.
Crude oil is around a dollar lower at $41.72/barrel, after falling 12% yesterday on huge US stocks data, which is adding to the negative tone.
The pound is sharply higher, shrugging off the news that the BOE has cut base rates to their lowest ever, breaching $1.53 against the dollar and 1.12 against the euro.
This is weighing in London wheat which sees March down GBP2.45 at GBP109/tonne.
Paris milling wheat is also lower, with March down EUR3.75 at EUR143.50/tonne.
The trade is waiting for news from Egypt and Tunisia, both of whom have tendered for optional origin wheat. Egypt is looking for 55-60,000mt whilst Tunisia is in for 84,000mt. It will be a mild surprise if, just like many others recently, things don't go the way of the Black Sea.
Crude oil is around a dollar lower at $41.72/barrel, after falling 12% yesterday on huge US stocks data, which is adding to the negative tone.
The pound is sharply higher, shrugging off the news that the BOE has cut base rates to their lowest ever, breaching $1.53 against the dollar and 1.12 against the euro.
This is weighing in London wheat which sees March down GBP2.45 at GBP109/tonne.
Paris milling wheat is also lower, with March down EUR3.75 at EUR143.50/tonne.
The trade is waiting for news from Egypt and Tunisia, both of whom have tendered for optional origin wheat. Egypt is looking for 55-60,000mt whilst Tunisia is in for 84,000mt. It will be a mild surprise if, just like many others recently, things don't go the way of the Black Sea.