EU Wheat Closing Comments
EU wheat closed lower with March London feed wheat ending down GBP1.40 at GBP92.75/tonne and March Paris wheat closing at EUR123.50, down EUR1.50/tonne.
London and Paris wheat hit lifetime lows on many months, it really is a doom & gloom scenario at the moment. Sadly, I would normally try and lift the mood at this point, but today I can't.
Egypt bought 300,000 MT of wheat in a tender today, of that one cargo, or 60,000 MT was French wheat. The remainder came from Russia.
Even at GBP92.75 we can't seem to pick up any export interest.
To add insult to injury, it seems that the EU-27 are going to get within a gnat's chuff of matching 2008's record wheat production, according to Strategie Grains.
It would seem that the chances of getting a major bull run going on wheat this season are highly unlikely.
London and Paris wheat hit lifetime lows on many months, it really is a doom & gloom scenario at the moment. Sadly, I would normally try and lift the mood at this point, but today I can't.
Egypt bought 300,000 MT of wheat in a tender today, of that one cargo, or 60,000 MT was French wheat. The remainder came from Russia.
Even at GBP92.75 we can't seem to pick up any export interest.
To add insult to injury, it seems that the EU-27 are going to get within a gnat's chuff of matching 2008's record wheat production, according to Strategie Grains.
It would seem that the chances of getting a major bull run going on wheat this season are highly unlikely.