EU Wheat Closing Comments
EU wheat futures closed Monday mixed. November London wheat finished the day GBP0.40 higher at GBP104.25/tonne, and November Paris wheat closed EUR0.25 lower at EUR139.25/tonne.
London wheat did well to close mostly in positive territory, with the pound hitting a 1 1/2 year high of 1.23 against the euro, and also breaking through 1.51 against the dollar.
Hot and dry conditions in the UK and France may be causing a few concerns for the final stages of grain filling ahead of the harvest.
There was probably also an element of book-squaring ahead of Wednesday's USDA crop reports.
The German harvest looks like it may be a couple of weeks behind normal, which might just tighten up the spot market a little. Meanwhile harvesting in Ukraine has stalled on widespread thunderstorms, the market there was closed today for a national holiday.
The French harvest is likely to start this week.
Egypt bought 120,000 MT of Russian wheat over the weekend, at prices way under French and US origin.
London wheat did well to close mostly in positive territory, with the pound hitting a 1 1/2 year high of 1.23 against the euro, and also breaking through 1.51 against the dollar.
Hot and dry conditions in the UK and France may be causing a few concerns for the final stages of grain filling ahead of the harvest.
There was probably also an element of book-squaring ahead of Wednesday's USDA crop reports.
The German harvest looks like it may be a couple of weeks behind normal, which might just tighten up the spot market a little. Meanwhile harvesting in Ukraine has stalled on widespread thunderstorms, the market there was closed today for a national holiday.
The French harvest is likely to start this week.
Egypt bought 120,000 MT of Russian wheat over the weekend, at prices way under French and US origin.