Turkey cancels wheat tender
Turkey have announced that their planned tender for 250,000mt wheat has been cancelled. This follows hot on the heels of Algeria and "unknown" destinations cancelling wheat orders last week, and will lead to scrutiny of this week's upcoming weekly export sales report from the USDA.
Liffe European wheat futures trade modestly higher, in line with last night's US market strength. However, there's a lack of fresh fundamental news and European markets remain firm on the back of a general rise across commodities and the US wheat market.
Although the early call on wheat is 8-12c higher I've got a feeling that the market may work lower as this afternoon's CME session develops unless the bulls get some fundamental feed.
Liffe European wheat futures trade modestly higher, in line with last night's US market strength. However, there's a lack of fresh fundamental news and European markets remain firm on the back of a general rise across commodities and the US wheat market.
Although the early call on wheat is 8-12c higher I've got a feeling that the market may work lower as this afternoon's CME session develops unless the bulls get some fundamental feed.
