EU Wheat Ends Lower Again
EU wheat futures closed lower again Tuesday in line with a general sell-off in commodities as the US financial problems deepen.
Paris November milling wheat fell EUR2.25 to EUR169.75/tonne. London November feed wheat dropped GBP1.50 to close at GBP108/tonne.
As the US stumbles from one financial crisis to another fundamental factors are playing a largely secondary role, traders said.
A sharply weaker tone to crude oil is also adding to market woes.
Soaring crude and a general commodities euphoria sent prices soaring to unprecedented levels, so I guess this is payback time.
Still, wheat prices managed to hold marginally above recent lows, unlike rapeseed which slipped further into the mire with November closing down EUR9.75 to end at EUR351/tonne, its lowest close since Oct 2007.
Paris November milling wheat fell EUR2.25 to EUR169.75/tonne. London November feed wheat dropped GBP1.50 to close at GBP108/tonne.
As the US stumbles from one financial crisis to another fundamental factors are playing a largely secondary role, traders said.
A sharply weaker tone to crude oil is also adding to market woes.
Soaring crude and a general commodities euphoria sent prices soaring to unprecedented levels, so I guess this is payback time.
Still, wheat prices managed to hold marginally above recent lows, unlike rapeseed which slipped further into the mire with November closing down EUR9.75 to end at EUR351/tonne, its lowest close since Oct 2007.
