EU Wheat Futures Edge Higher
European wheat prices edged slightly higher on Tuesday as a weaker euro promoted a brighter export outlook, a lower Australian crop forecast and a slight improvement in the general financial market mood.
Australian Crop Forecasters cut its 2008/09 wheat crop forecast to 20 million tonnes from 21 million citing low rainfall in Southern Australia, parts of NSW and Victoria.
At 1pm BST Paris front month November wheat was up 2.50 euros at 144.75 euros/tonne. London November feed wheat was 25 pence higher at £90.75/tonne.
The euro was $1.3185 against the dollar from a high of over $1.35 yesterday.
A weaker call on this afternoon's CBOT session, and crude oil turning lower will likely limit gains today.
Australian Crop Forecasters cut its 2008/09 wheat crop forecast to 20 million tonnes from 21 million citing low rainfall in Southern Australia, parts of NSW and Victoria.
At 1pm BST Paris front month November wheat was up 2.50 euros at 144.75 euros/tonne. London November feed wheat was 25 pence higher at £90.75/tonne.
The euro was $1.3185 against the dollar from a high of over $1.35 yesterday.
A weaker call on this afternoon's CBOT session, and crude oil turning lower will likely limit gains today.
