EU Wheat Follows America Lower
EU wheat futures continued to be heavily influenced by US and outside markets Thursday, ending with Paris November milling wheat down EUR1 at EUR144.50/tonne, and London November feed wheat GBP1 lower at GBP112.50/tonne.
Trading was thin as EU farmers largely stand away from the market. reluctant to sell at current levels.
Farmers seem more content to get on with the harvest and re-assess things after that, certainly current spot prices look unattractive compared to say November levels at around GBP8/tonne premiums.
Weekend weather for the UK, France and Germany looks unlikely to help harvest progress, with plenty of rain in the forecast.
EU wheat is basically lacking in direction, and needs something to grab it by the scruff of the neck and give some fresh impetus.
It seems unlikely that we will get that until after the northern hemisphere harvest wraps up.
Trading was thin as EU farmers largely stand away from the market. reluctant to sell at current levels.
Farmers seem more content to get on with the harvest and re-assess things after that, certainly current spot prices look unattractive compared to say November levels at around GBP8/tonne premiums.
Weekend weather for the UK, France and Germany looks unlikely to help harvest progress, with plenty of rain in the forecast.
EU wheat is basically lacking in direction, and needs something to grab it by the scruff of the neck and give some fresh impetus.
It seems unlikely that we will get that until after the northern hemisphere harvest wraps up.