EU Wheat Closes With London At 9 Month Low - IGC Raises World Crop Est 10MMT
EU wheat futures closed the week with November London feed wheat at GBP120/tonne, its lowest level in nine months.
The world crop just keeps getting bigger with the IGC Friday raising it's global production estimate pushing the world wheat crop to 672 million mt from 662 million mt a month ago, lifting ending stocks to their highest levels since 2002-03.
US wheat futures continue to decline with Chicago futures settling lower for the sixth straight session.
Paris-based November milling wheat closed EUR1.25 lower at EUR186/tonne for a weekly loss of EUR8.25. London November feed wheat lost GBP5.50 on the week.
According to the HGCA 2.068m hectares of wheat was sown for the current season in the UK, with an average yield of 8.2mt/hectare that would give us an output of 16.9mmt compared to 13.7mmt in 2007.
Some analysts cite UK production in excess of 17mmt as reports of good to exceptional yields are coming in from all over the country. Quality may be a problem in some areas but yields seem to be uniformly above expectations.
The world crop just keeps getting bigger with the IGC Friday raising it's global production estimate pushing the world wheat crop to 672 million mt from 662 million mt a month ago, lifting ending stocks to their highest levels since 2002-03.
US wheat futures continue to decline with Chicago futures settling lower for the sixth straight session.
Paris-based November milling wheat closed EUR1.25 lower at EUR186/tonne for a weekly loss of EUR8.25. London November feed wheat lost GBP5.50 on the week.
According to the HGCA 2.068m hectares of wheat was sown for the current season in the UK, with an average yield of 8.2mt/hectare that would give us an output of 16.9mmt compared to 13.7mmt in 2007.
Some analysts cite UK production in excess of 17mmt as reports of good to exceptional yields are coming in from all over the country. Quality may be a problem in some areas but yields seem to be uniformly above expectations.
