Liffe/Euronext futures continue decline
Liffe/Euronext grain and oilseed futures continued their decline Tuesday, dropping to levels close to or below yesterday's lows.
London wheat for November is GBP1.50 lower at GBP108/tonne, GBP0.40off yesterday's low.
Paris milling wheat Nov is EUR2.75 lower at EUR169.25/tonne, Nov rapeseed EUR5.75 lower at EUR355/tonne and Nov corn EUR2 lower at EUR156.50/tonne.
Worldwide economic woes are weighing heavily on commodities, with crude dipping below $92/barrel. That is dragging the grains market down with it regardless of fundamentals, said one trader.
Meanwhile as crude falls the economic viability of producing biodiesel from rapeseed continues to go down the plughole.
"The German biodiesel industry is already on it's knees, running at just 15% capacity, things are hardly going to improve now that crude is $55 off its highs," said one analyst.
"That's why we've seen the rapeseed market fall by around EUR100/tone since crude peaked at the beginning of July," he added.
London wheat for November is GBP1.50 lower at GBP108/tonne, GBP0.40off yesterday's low.
Paris milling wheat Nov is EUR2.75 lower at EUR169.25/tonne, Nov rapeseed EUR5.75 lower at EUR355/tonne and Nov corn EUR2 lower at EUR156.50/tonne.
Worldwide economic woes are weighing heavily on commodities, with crude dipping below $92/barrel. That is dragging the grains market down with it regardless of fundamentals, said one trader.
Meanwhile as crude falls the economic viability of producing biodiesel from rapeseed continues to go down the plughole.
"The German biodiesel industry is already on it's knees, running at just 15% capacity, things are hardly going to improve now that crude is $55 off its highs," said one analyst.
"That's why we've seen the rapeseed market fall by around EUR100/tone since crude peaked at the beginning of July," he added.
