LIFFE Closing Comments
EU wheat futures closed mixed, mostly lower Friday, although off session lows as Chicago futures came in higher late in the session.
Paris November milling wheat closed down EUR0.50 at EUR160.00/tonne and London November feed wheat ended flat at GBP99.00/tonne.
It was a low volume session with many participants in Munich for the European grain bourse.
Reports circulating that Spain has/will import up to half a million tonnes of Ukraine wheat during September/October will certainly put a damper on UK grain prices as Spain is normally far and away our biggest export home.
With an estimated 3.5mmt to export this year we have to be asking where the hell is it all going to go, and exactly how much are we going to carry into the 2009 crop year?
The imminent arrival of a large EU corn crop onto the market will do little to help feed wheat prices, and is of course also weighing on corn. Paris-based November corn closed down EUR1.75 at EUR134.50/tonne.
Rapeseed had a torrid week with Chicago soybeans and crude oil falling out of bed. November rapeseed closed down EUR3.50 at EUR344.00/tonne, to cap a loss of EUR18.20/tonne on the week.
Paris November milling wheat closed down EUR0.50 at EUR160.00/tonne and London November feed wheat ended flat at GBP99.00/tonne.
It was a low volume session with many participants in Munich for the European grain bourse.
Reports circulating that Spain has/will import up to half a million tonnes of Ukraine wheat during September/October will certainly put a damper on UK grain prices as Spain is normally far and away our biggest export home.
With an estimated 3.5mmt to export this year we have to be asking where the hell is it all going to go, and exactly how much are we going to carry into the 2009 crop year?
The imminent arrival of a large EU corn crop onto the market will do little to help feed wheat prices, and is of course also weighing on corn. Paris-based November corn closed down EUR1.75 at EUR134.50/tonne.
Rapeseed had a torrid week with Chicago soybeans and crude oil falling out of bed. November rapeseed closed down EUR3.50 at EUR344.00/tonne, to cap a loss of EUR18.20/tonne on the week.
