EU Wheat Futures End Flat Monday
EU wheat futures started the week lower, but clawed back those losses at the end to close at or around unchanged levels, helped by a firmer dollar.
Paris November milling wheat futures closed flat at EUR130.50/tonne, and London November feed wheat also closed unchanged at GBP98.25/tonne.
The market remains hopelessly lacklustre, crop production in western Europe is pretty good to better than expected, output in the Black Sea however is largely worse than anticipated.
There is certainly harvest pressure, of that there is no doubt, but why wouldn't there be in the middle of August?
Media reports suggest that, yet again, there have been worker disputes at the work in progress Ensus refinery in Middlesbrough in the past week. These appear to have been resolved, at least for now, but will inevitably push production back another week or two.
UK weather, although not as bad as last year, remains stubbornly uncooperative. In the south east things seem fine, but elsewhere harvesting is late with only around 60% of winter barley cut, compared to 90% normally.
Paris November milling wheat futures closed flat at EUR130.50/tonne, and London November feed wheat also closed unchanged at GBP98.25/tonne.
The market remains hopelessly lacklustre, crop production in western Europe is pretty good to better than expected, output in the Black Sea however is largely worse than anticipated.
There is certainly harvest pressure, of that there is no doubt, but why wouldn't there be in the middle of August?
Media reports suggest that, yet again, there have been worker disputes at the work in progress Ensus refinery in Middlesbrough in the past week. These appear to have been resolved, at least for now, but will inevitably push production back another week or two.
UK weather, although not as bad as last year, remains stubbornly uncooperative. In the south east things seem fine, but elsewhere harvesting is late with only around 60% of winter barley cut, compared to 90% normally.