EU Wheat Closes Mixed
EU wheat closed mixed Wednesday, consolidating somewhat from recent heavy losses with Paris-based Nov milling wheat EUR0.75 lower at EUR177.50/tonne and London Nov feed wheat up GBP0.25 at GBP177.50/tonne.
CBOT wheat also took a break from some heavy declines the last few sessions which also took some pressure off although a downwards trend remains firmly in place.
Although the export market remains fairly slow Egypt bought 292,500 tonnes of US, Canadian and Ukraine wheat Wednesday, passing on EU-origin tenders adding fuel to the belief that despite recent declines EU wheat is still uncompetitively priced on the export front.
In addition Ramadan is coming shortly and that will slow export interest further traders said.
UK weather continues to be unkind to farmers looking to wrap up the harvest and uncertainties over quality issues still remain. Weather forecasts for the rest of the week show no signs of any break in the showery outlook.
The outlook for the Australian crop has improved over the weekend with reasonable rains and more forecast for the next few days which should help the crop through to maturity in many areas.
CBOT wheat also took a break from some heavy declines the last few sessions which also took some pressure off although a downwards trend remains firmly in place.
Although the export market remains fairly slow Egypt bought 292,500 tonnes of US, Canadian and Ukraine wheat Wednesday, passing on EU-origin tenders adding fuel to the belief that despite recent declines EU wheat is still uncompetitively priced on the export front.
In addition Ramadan is coming shortly and that will slow export interest further traders said.
UK weather continues to be unkind to farmers looking to wrap up the harvest and uncertainties over quality issues still remain. Weather forecasts for the rest of the week show no signs of any break in the showery outlook.
The outlook for the Australian crop has improved over the weekend with reasonable rains and more forecast for the next few days which should help the crop through to maturity in many areas.
