EU Wheat Closing Comments
EU wheat ended lower with November London feed wheat down GBP1.00 at GBP100.75/tonne and November Paris milling wheat EUR1 easier at EUR136.75/tonne.
Rain makes grain is what they say, and we've had more of it than you can shake a rainy stick at recently.
In fact we are talking 21.6mm of the wet stuff already this month here in North Yorkshire, comfortably knocking into a cocked hat the entire month of May by almost 5mm already and it's only the 9th of the month.
Northern France also seems to have been blessed with the rainy stick looking at the recent radar images.
Quality is now becoming an issue. This is also a serious potential problem in North America, where protein contents are low in early harvested wheat in Texas and Oklahoma.
Some are already suggesting that overly wet weather in Canada may also lead to low proteins in wheat.
A firmer euro also helped put Paris wheat under a bit of pressure today, with EUR 135 the next support level.
In the UK new crop ex farm values are now under the psychologically important GBP90/tonne level at harvest, which may also inhibit farmer selling.
Rain makes grain is what they say, and we've had more of it than you can shake a rainy stick at recently.
In fact we are talking 21.6mm of the wet stuff already this month here in North Yorkshire, comfortably knocking into a cocked hat the entire month of May by almost 5mm already and it's only the 9th of the month.
Northern France also seems to have been blessed with the rainy stick looking at the recent radar images.
Quality is now becoming an issue. This is also a serious potential problem in North America, where protein contents are low in early harvested wheat in Texas and Oklahoma.
Some are already suggesting that overly wet weather in Canada may also lead to low proteins in wheat.
A firmer euro also helped put Paris wheat under a bit of pressure today, with EUR 135 the next support level.
In the UK new crop ex farm values are now under the psychologically important GBP90/tonne level at harvest, which may also inhibit farmer selling.