EU Wheat Futures Drift Lower
EU wheat futures continue to drift lower Wednesday as harvest weather imporves in northern Europe enabling farmers to progress the harvest.
"Despite a very wet August, yields and quality don't seem to have suffered that much at all," said one trader.
The trader estimates that the wheat harvest in the South East of England is about 40% complete, but only around 10% done further west & north.
"If the weather forecast holds then that figure should progress significantly by this time next week," he added.
November London wheat is £1 lower at £123/tonne and Paris-based November milling wheat is EUR1.50 lower at EUR190.25/tonne.
"Russia has this week revised it's 2008 grain output estimate up 15mmt to over 100mmt and Ukraine has also said it will export around 19mmt more grain this season after a bumper crop there. We've got to go lower to compete on the export front," the trader said.
"Despite a very wet August, yields and quality don't seem to have suffered that much at all," said one trader.
The trader estimates that the wheat harvest in the South East of England is about 40% complete, but only around 10% done further west & north.
"If the weather forecast holds then that figure should progress significantly by this time next week," he added.
November London wheat is £1 lower at £123/tonne and Paris-based November milling wheat is EUR1.50 lower at EUR190.25/tonne.
"Russia has this week revised it's 2008 grain output estimate up 15mmt to over 100mmt and Ukraine has also said it will export around 19mmt more grain this season after a bumper crop there. We've got to go lower to compete on the export front," the trader said.
