EU Wheat Ends Narrowly Mixed Friday
EU wheat futures closed the week a narrowly mixed in quite trading conditions. Paris November milling wheat ended up EUR0.25 at EUR143.75/tonne, whilst London November feed wheat closed down GBP0.50 at GBP112/tonne.
Farmers continue to stand aside from the market, as they don't care too much for current price levels. End users are also reluctant participants, as they see harvest pressure leading to lower prices.
It's a classic stand-off. Producers can at least busy themselves with harvesting, as and when the weather permits.
Current conditions might be bringing back uncomfortable memories of last year's disastrous harvest, especially in the north east of the UK. Heavy showers have also brought the harvest to a halt in much of Germany and France these past few days.
It's too early to get overly concerned about it just yet, but quality if not quantity losses will be worrying a few.
There are some crop concerns around the world, Russia and eastern Europe for example, but until harvesting is more advanced and these can be properly quantified, the market seems set to tread water.
Farmers continue to stand aside from the market, as they don't care too much for current price levels. End users are also reluctant participants, as they see harvest pressure leading to lower prices.
It's a classic stand-off. Producers can at least busy themselves with harvesting, as and when the weather permits.
Current conditions might be bringing back uncomfortable memories of last year's disastrous harvest, especially in the north east of the UK. Heavy showers have also brought the harvest to a halt in much of Germany and France these past few days.
It's too early to get overly concerned about it just yet, but quality if not quantity losses will be worrying a few.
There are some crop concerns around the world, Russia and eastern Europe for example, but until harvesting is more advanced and these can be properly quantified, the market seems set to tread water.