EU Wheat Drifts Lower
EU wheat futures closed lower Wednesday on the old chestnuts of ample supplies and slack demand.
May Paris milling wheat closed down EUR2.75 at EUR133.75/tonne. May London feed wheat ended down GBP1.00 at GBP110.50/tonne.
Weaker US futures later in the afternoon added to an already bearish tone, as did a weak dollar.
Russia continues to mop up most of the sizable export orders, making sales to Syria and Egypt in the past couple of weeks at levels around $165/tonne. That is the equivalent of around GBP112/tonne, which indicates exactly why we aren't competitive.
Saudi Arabia is tendering tomorrow for 500,000mt, a slice of that action might add some cheer to EU trade.
May Paris milling wheat closed down EUR2.75 at EUR133.75/tonne. May London feed wheat ended down GBP1.00 at GBP110.50/tonne.
Weaker US futures later in the afternoon added to an already bearish tone, as did a weak dollar.
Russia continues to mop up most of the sizable export orders, making sales to Syria and Egypt in the past couple of weeks at levels around $165/tonne. That is the equivalent of around GBP112/tonne, which indicates exactly why we aren't competitive.
Saudi Arabia is tendering tomorrow for 500,000mt, a slice of that action might add some cheer to EU trade.