EU Wheat Closes Lower Friday
EU wheat futures closed slightly lower Friday, reversing a surprise week of gains to end with Paris November milling wheat futures down EUR1.00 at EUR128.50/tonne, and London November feed wheat down GBP1.00 at GBP100.00/tonne.
It was a quiet day ahead of a holiday Monday in the UK. Prices appear to have reached a level where growers simply will not sell. Despite all the consumer rhetoric, this seems to have flushed out one or two buyers.
In the UK harvest progress is slow in the west and north of the country. although ADAS report that the UK wheat crop is now 80% harvested, with cutting being just about finished in the south and east.
Yesterday's numbers from the IGC of increased global wheat production and ending stocks for 2009/10 are bearish taken at face value.
There seems to be some frost potential developing for the Canadian Prairies and maybe parts of the Midwest across the weekend.
It was a quiet day ahead of a holiday Monday in the UK. Prices appear to have reached a level where growers simply will not sell. Despite all the consumer rhetoric, this seems to have flushed out one or two buyers.
In the UK harvest progress is slow in the west and north of the country. although ADAS report that the UK wheat crop is now 80% harvested, with cutting being just about finished in the south and east.
Yesterday's numbers from the IGC of increased global wheat production and ending stocks for 2009/10 are bearish taken at face value.
There seems to be some frost potential developing for the Canadian Prairies and maybe parts of the Midwest across the weekend.