EU Wheat Ends With Little Change
EU wheat futures closed with little change Wednesday. Paris November milling wheat ended up EUR0.50 at EUR131.25/tonne, and London November feed wheat closed unchanged at GBP97.60/tonne.
The long-awaited USDA report did little other than muddy the waters. The soybean numbers were a little bullish, corn bearish and wheat neutral.
The USDA did however lower it's production estimate for Russian wheat by 4.5 MMT this coming season, which was a bit of a surprise, and towards the lower range of analysts estimates.
Canadian output was also lowered by 1 MMT, and there are reports of temperatures dipping sub-zero as early as 20th Aug on the Canadian Prairies. With a late-planted crop this could be potentially harmful to final output.
This morning the northern fringes of the Canadian canola crop in the Prairie saw temperatures in the low 40’s with one reporting station seeing 33 degrees F for their morning low, according to QT Weather.
Saturday and Sunday maximum temperatures will be -08 to -16 degrees below normal from Alberta through Saskatchewan and southward over the Wyoming and Colorado Rockies, they add.
The long-awaited USDA report did little other than muddy the waters. The soybean numbers were a little bullish, corn bearish and wheat neutral.
The USDA did however lower it's production estimate for Russian wheat by 4.5 MMT this coming season, which was a bit of a surprise, and towards the lower range of analysts estimates.
Canadian output was also lowered by 1 MMT, and there are reports of temperatures dipping sub-zero as early as 20th Aug on the Canadian Prairies. With a late-planted crop this could be potentially harmful to final output.
This morning the northern fringes of the Canadian canola crop in the Prairie saw temperatures in the low 40’s with one reporting station seeing 33 degrees F for their morning low, according to QT Weather.
Saturday and Sunday maximum temperatures will be -08 to -16 degrees below normal from Alberta through Saskatchewan and southward over the Wyoming and Colorado Rockies, they add.