EU Wheat Gains For Second Day
EU wheat futures are higher for the second day in succession Tuesday with November Paris milling wheat +EUR3.50/tonne at EUR149/tonne. November London feed wheat is £1.75/tonne higher at £96/tonne.
Futures are gaining support from a generally firmer commodity market, buoyed by outside influences from stocks and oil.
US markets closed firmer overnight and that is also adding some support. Still, the fundamentals for wheat are bearish and a downwards trend is still firmly in place.
"World stocks have been replenished thanks to sharply higher production numbers almost everywhere. There are still one or two question marks over Australia and Argentina, but that's about it," said one trader.
Futures are gaining support from a generally firmer commodity market, buoyed by outside influences from stocks and oil.
US markets closed firmer overnight and that is also adding some support. Still, the fundamentals for wheat are bearish and a downwards trend is still firmly in place.
"World stocks have been replenished thanks to sharply higher production numbers almost everywhere. There are still one or two question marks over Australia and Argentina, but that's about it," said one trader.
