EU Wheat Tumbles On Outside Markets
EU wheat futures began the week sharply lower, giving in to bearish pressures from outside markets.
The world banking crisis continues to see money flowing out of all commodities and wheat has got caught up in a wholesale exodus of speculative money.
Paris November milling wheat hit a fresh 15-month low before closing down EUR6.00 at EUR159.75/tonne. London November feed wheat broke below £100/ton for the first time since June 2007, ending down £3.50 at £99.50/tonne.
Although many of the fundamentals have gone out of the window, weekend rains in Argentina and Australia added to the bearish tone.
Crude oil was sharply lower and that weighed on prices throughout the day as traders remained cautious ahead of the result of the crucial rescue plan vote in the US.
Expect the markets to open lower again in the morning after Chicago closed locked in limit down on soybeans and corn, and near limit on wheat after the result became known.
November Crude closed more than $10 lower at $96.37/barrel.
The world banking crisis continues to see money flowing out of all commodities and wheat has got caught up in a wholesale exodus of speculative money.
Paris November milling wheat hit a fresh 15-month low before closing down EUR6.00 at EUR159.75/tonne. London November feed wheat broke below £100/ton for the first time since June 2007, ending down £3.50 at £99.50/tonne.
Although many of the fundamentals have gone out of the window, weekend rains in Argentina and Australia added to the bearish tone.
Crude oil was sharply lower and that weighed on prices throughout the day as traders remained cautious ahead of the result of the crucial rescue plan vote in the US.
Expect the markets to open lower again in the morning after Chicago closed locked in limit down on soybeans and corn, and near limit on wheat after the result became known.
November Crude closed more than $10 lower at $96.37/barrel.
