EU wheat down as reality sets in
EU wheat futures closed lower Tuesday as market participants begin to realise that the Great US Rescue Package is maybe not all it was hyped up to be.
Paris November milling wheat ended down EUR0.50 at EUR171.50/tonne, and London November feed wheat closed down GBP0.75 at GBP106.25/tonne.
The initial wave of euphoria that followed the recently announced US rescue plan has now waned, and the markets are focusing on the reality of poor demand and quality concerns said one trader.
"Fundamentally there is no change, we have a huge crop to dispose of and nobody wants it," he added.
Paris November milling wheat ended down EUR0.50 at EUR171.50/tonne, and London November feed wheat closed down GBP0.75 at GBP106.25/tonne.
The initial wave of euphoria that followed the recently announced US rescue plan has now waned, and the markets are focusing on the reality of poor demand and quality concerns said one trader.
"Fundamentally there is no change, we have a huge crop to dispose of and nobody wants it," he added.
