EU Wheat Closing Comments
10/10/11 -- EU grains finished mostly firmer but off session highs with Nov London wheat up GBP0.60/tonne to GBP147.35/tonne and Nov Paris wheat climbing EUR0.50/tonne at EUR184.00/tonne.The pound rose to 1.5675 against a weak US dollar but fell to 1.1475 versus the euro, the latter buoyed by positive comments following a weekend meeting by Germany and France.
An EU summit to discuss the European debt crisis has been delayed by a week to give EU leaders more time to finalise plans to recapitalise it's banks and Greece, says the president of the European Council.
Weekend rains for US winter wheat areas on the southern Plains were less than anticipated, according to Martell Crop Projections.
"Central Texas got was the big winner with 3-5 inches of rainfall. Oklahoma wheat areas received 1.0 - 2.5 inches of rain, but less in the northern growing areas. Kansas rainfall was extremely variable ranging from .25 inch to 6 inches with 65% coverage. Rainfall was expected to be 3-5 inches across the board in the Southern Great Plains. Dry weather is expected to resume the next 10 days, along with above-normal temperatures on the High Plains," they say.
Elsewhere "Argentina was hit with drenching rainfall in the farm belt that restored field moisture for corn planting. Eastern Cordoba, southern Santa Fe and northwest Buenos Aires received at least 3-5 inches in the heart of the Argentina corn belt. Flooding occurred further north with 6-8 inches of rain. Dry fields have been replenished, which will lead to rapid advancement of corn planting," they add.