EU Wheat Gives Up Early Gains
EU wheat closed flat to mostly lower, reversing early gains as US futures came in sharply lower in afternoon trade. London feed wheat closes with March GBP0.10 higher at GBP98.50/tonne, Paris March wheat ends EUR0.75 lower at EUR125.25/tonne,
London had been GBP1.00/tonne higher in early trade, but gave up virtually all those gains by the close.
US wheat finished at it's lowest levels since early October on farmer selling, prompted by ideas that corn sales will soon pick up as warmer spring weather enters the Midwest.
Egypt is back in the market tendering for wheat again this week, although nobody is getting very excited about that outside of Russia or Kazakhstan. French wheat is struggling to compete, particularly in view of the recently rigorously enforced maximum one port of loading regulations.
Iraq is said to have bought at least 700,000 MT of mixed origin wheat, taking advantage of the recent break lower in prices. None of that tonnage is thought to have been EU wheat however.
A wetter than normal January across Spain and Eastern Europe is thought to have beneficial to winter wheat prospects in those areas.
Ukraine too saw precipitation of 1 1/2 to 2 times normal during the first month of the year.
Recent snows have covered the wheat crop across the Ukraine. Temperatures took a large dip to much below normal in late January but have since warmed up, say QT Weather.
London had been GBP1.00/tonne higher in early trade, but gave up virtually all those gains by the close.
US wheat finished at it's lowest levels since early October on farmer selling, prompted by ideas that corn sales will soon pick up as warmer spring weather enters the Midwest.
Egypt is back in the market tendering for wheat again this week, although nobody is getting very excited about that outside of Russia or Kazakhstan. French wheat is struggling to compete, particularly in view of the recently rigorously enforced maximum one port of loading regulations.
Iraq is said to have bought at least 700,000 MT of mixed origin wheat, taking advantage of the recent break lower in prices. None of that tonnage is thought to have been EU wheat however.
A wetter than normal January across Spain and Eastern Europe is thought to have beneficial to winter wheat prospects in those areas.
Ukraine too saw precipitation of 1 1/2 to 2 times normal during the first month of the year.
Recent snows have covered the wheat crop across the Ukraine. Temperatures took a large dip to much below normal in late January but have since warmed up, say QT Weather.