EU Wheat Ends Lower On Harvest Pressure
EU wheat futures closed lower yet again with Paris November milling wheat futures ending down EUR3.00 at EUR142.25/tonne, and London November feed wheat finishing down GBP2.75 at GBP114.50/tonne.
London wheat futures have only closed higher in two sessions during the entire month of June, with Paris futures only bettering that by one.
Over the course of the month London November is down GBP20/tonne, and Paris November EUR23/tonne lower.
Large carryover stocks and the impending harvest are weighing on prices. Although farmers are far from keen to sell at current levels, consumers believe that there will be some element of forced selling due to lack of storage.
In the US, wheat futures are also on the decline, along with corn and soybeans, as global economic uncertainty largely keeps buyers out of the market.
London wheat futures have only closed higher in two sessions during the entire month of June, with Paris futures only bettering that by one.
Over the course of the month London November is down GBP20/tonne, and Paris November EUR23/tonne lower.
Large carryover stocks and the impending harvest are weighing on prices. Although farmers are far from keen to sell at current levels, consumers believe that there will be some element of forced selling due to lack of storage.
In the US, wheat futures are also on the decline, along with corn and soybeans, as global economic uncertainty largely keeps buyers out of the market.