EU Wheat Ends Higher In Quiet Trade
EU wheat futures began the week higher, although trade was again exceptionally light. Paris January milling wheat ended up EUR0.75 at EUR129.50/tonne, and London January feed wheat closed up GBP1.25 at GBP106/tonne.
It was half term in the UK last week, with some schools remaining shut Monday due to the dreaded teacher training day. Spain was also closed for a public holiday.
Only 164 London lots traded all day, in Paris it was 4,441.
The US market was higher, and in very light trade EU wheat seemed content to nudge higher following America's lead.
End-users in the UK report that farmers are generally reluctant sellers at current levels. Those that do need to buy nearby requirements are finding it tough to persuade growers to sell, said one UK compounder.
The newly planted Ukraine wheat crop is rated 22% poor, according to media reports. Early season drought and a potential decrease in farm inputs might cut 2010 production to around 13-14 MMT this year some are saying.
Russia kicked off it's intervention programme today, buying 55,300 MT of wheat. The amount of money allocated to grain buying by the government is, however, severely reduced for the season ahead. Funds to purchase only 3 MMT are currently available, around a third of what was in the kitty in 2008/09.
It was half term in the UK last week, with some schools remaining shut Monday due to the dreaded teacher training day. Spain was also closed for a public holiday.
Only 164 London lots traded all day, in Paris it was 4,441.
The US market was higher, and in very light trade EU wheat seemed content to nudge higher following America's lead.
End-users in the UK report that farmers are generally reluctant sellers at current levels. Those that do need to buy nearby requirements are finding it tough to persuade growers to sell, said one UK compounder.
The newly planted Ukraine wheat crop is rated 22% poor, according to media reports. Early season drought and a potential decrease in farm inputs might cut 2010 production to around 13-14 MMT this year some are saying.
Russia kicked off it's intervention programme today, buying 55,300 MT of wheat. The amount of money allocated to grain buying by the government is, however, severely reduced for the season ahead. Funds to purchase only 3 MMT are currently available, around a third of what was in the kitty in 2008/09.