EU Wheat Renews Downwards Tack
EU wheat futures renewed their downwards tack, after a week which saw prices buck the trend by around GBP5/tonne.
Paris November milling wheat closed down EUR0.75 at EUR126.25/tonne, whilst London November feed wheat traded down GBP2.00 at GBP98/tonne.
Sharply weaker Asian stock markets Monday, when the UK was shut, spilled over into trade Tuesday meaning that London had to cram two days losses into just one session.
Now that the EU wheat harvest is drawing to a close, some sellers are drawing their horns in hoping for better prices to come.
In the east however sellers still seem willing to take pretty much any bid that's on the table. Ukraine has already exported 3.6 MMT of grain in the first two months of the marketing year which only began in July 1st.
Egypt's GASC said that it is looking to buy 55,000-60,000 MT of US, Australian, German, Argentinean, Canadian,or French wheat this week.
In a similar tender to last week they are also looking for 30,000-60,000 MT of Russian, Kazakh, Ukrainian or Syrian wheat.
Paris November milling wheat closed down EUR0.75 at EUR126.25/tonne, whilst London November feed wheat traded down GBP2.00 at GBP98/tonne.
Sharply weaker Asian stock markets Monday, when the UK was shut, spilled over into trade Tuesday meaning that London had to cram two days losses into just one session.
Now that the EU wheat harvest is drawing to a close, some sellers are drawing their horns in hoping for better prices to come.
In the east however sellers still seem willing to take pretty much any bid that's on the table. Ukraine has already exported 3.6 MMT of grain in the first two months of the marketing year which only began in July 1st.
Egypt's GASC said that it is looking to buy 55,000-60,000 MT of US, Australian, German, Argentinean, Canadian,or French wheat this week.
In a similar tender to last week they are also looking for 30,000-60,000 MT of Russian, Kazakh, Ukrainian or Syrian wheat.