EU Wheat Futures Continue To Edge Lower
EU wheat futures continued to edge lower Wednesday with November Paris milling wheat futures trading flat at EUR122.50/tonne, and London November feed wheat trading down GBP0.50 at GBP97.50/tonne.
The pound was firmer for once, which pressured UK wheat lower, but overall there is a distinct lack of direction.
Growers don't want to sell at these levels, but consumers are also reluctant to buy. The overall trend is certainly lower, so why should end-users come into the market?
The long-awaited USDA report was mildly bearish for US wheat, pegging the spring wheat crop higher than had been anticipated to 587 million bushels.
Egypt passed on French wheat in it's tender yesterday in favour of Russian wheat.
The pound was firmer for once, which pressured UK wheat lower, but overall there is a distinct lack of direction.
Growers don't want to sell at these levels, but consumers are also reluctant to buy. The overall trend is certainly lower, so why should end-users come into the market?
The long-awaited USDA report was mildly bearish for US wheat, pegging the spring wheat crop higher than had been anticipated to 587 million bushels.
Egypt passed on French wheat in it's tender yesterday in favour of Russian wheat.