EU Wheat Closing Comments
November London feed wheat closed down GBP1.25 at GBP103.25/tonne, and November Paris milling wheat was EUR1.25 easier at EUR138.25/tonne.
EU wheat extended recent losses on wet weather throughout western Europe.
If recent rains have been sufficient enough to alleviate April/May dryness is open to debate. Suffice to say is that the market currently believes that it has.
The market also seems content to ignore flooding problems in eastern European areas such as Poland.
Egypt are said to be tendering again this week for 120,000 MT plus of EU//US/Black Sea wheat. With the euro managing to have declined further since last week's tender it will be interesting to see if French wheat gets a look in.
EU wheat has moved down quite substantially over the past week or so, highlighting I think that prices are rangebound. Currently anything in three figures (which has been achievable lately) ex farm for harvest time wheat is a nailed-on sell, IMHO.
The Black Sea countries will be aggressive sellers come new crop no matter what, I feel.
EU wheat extended recent losses on wet weather throughout western Europe.
If recent rains have been sufficient enough to alleviate April/May dryness is open to debate. Suffice to say is that the market currently believes that it has.
The market also seems content to ignore flooding problems in eastern European areas such as Poland.
Egypt are said to be tendering again this week for 120,000 MT plus of EU//US/Black Sea wheat. With the euro managing to have declined further since last week's tender it will be interesting to see if French wheat gets a look in.
EU wheat has moved down quite substantially over the past week or so, highlighting I think that prices are rangebound. Currently anything in three figures (which has been achievable lately) ex farm for harvest time wheat is a nailed-on sell, IMHO.
The Black Sea countries will be aggressive sellers come new crop no matter what, I feel.