EU Wheat: Lower On Outside Influences, Harvest Pressure
EU wheat futures closed lower Friday on a combination of weaker crude oil, a stronger US dollar and harvest pressure.
Paris November milling wheat fell EUR3.75 to EUR194.75/tonne and London November feed wheat closed GBP1.35 lower at GBP125.50/tonne.
After another wet week in the UK and various parts of northern Europe wheat quality remains an issue and could lead to a mountain of low-quality feed wheat.
Toepfer report harvest delays in Germany, with about 20% of wheat in the northern part of the country still in the field. The rain has lowered hagbergs they say.
The Ukraine Ministry reported a wheat crop significantly higher than previous estimates Friday at 26.596mmt, of which up to 80% is said to be feed grade. This is almost double the 2007 crop of 14mmt.
Already the Ukraine have exported 3.2mmt of grain from this season's new crop, a very significant tonnage considering that they only exported 3.7mmt in the whole of the 2007/08 marketing year.
Kazakhstan has thrown it's hat into the world export arena by announcing plans to lift export ban on wheat exports from 1st September.
UK feed wheat is going to struggle to find homes on the export front against strong competition from Eastern Europe and the Black Sea and rallys and nearby technical premiums should be viewed as selling opportunities.
Paris November milling wheat fell EUR3.75 to EUR194.75/tonne and London November feed wheat closed GBP1.35 lower at GBP125.50/tonne.
After another wet week in the UK and various parts of northern Europe wheat quality remains an issue and could lead to a mountain of low-quality feed wheat.
Toepfer report harvest delays in Germany, with about 20% of wheat in the northern part of the country still in the field. The rain has lowered hagbergs they say.
The Ukraine Ministry reported a wheat crop significantly higher than previous estimates Friday at 26.596mmt, of which up to 80% is said to be feed grade. This is almost double the 2007 crop of 14mmt.
Already the Ukraine have exported 3.2mmt of grain from this season's new crop, a very significant tonnage considering that they only exported 3.7mmt in the whole of the 2007/08 marketing year.
Kazakhstan has thrown it's hat into the world export arena by announcing plans to lift export ban on wheat exports from 1st September.
UK feed wheat is going to struggle to find homes on the export front against strong competition from Eastern Europe and the Black Sea and rallys and nearby technical premiums should be viewed as selling opportunities.
