EU Wheat Ends Higher On Currency
EU wheat futures closed higher Thursday as the dollar continued to rise against sterling and the euro, in theory making European wheat more competitive on the export front.
March Paris milling wheat closed up EUR1.75 at EUR149.25/tonne, and May London feed wheat ended up GBP2 at GBP120.75/tonne.
Futures were boosted in early trade by a higher close in CBOT Wednesday, the dollar moving higher throughout the morning provided additional support.
Egypt bought 60,000mt French wheat Wednesday, which also helped.
Although EU-27 winter wheat plantings are lower for 2009, sub-zero temperatures are thought to have so far offered little threat to dormant crops.
The picture will become clearer in the spring.
Rising EU prices may encourage more farmers to apply fertilisers than had originally been anticipated.
For now, the jury is out on the EU crop for 2009.
March Paris milling wheat closed up EUR1.75 at EUR149.25/tonne, and May London feed wheat ended up GBP2 at GBP120.75/tonne.
Futures were boosted in early trade by a higher close in CBOT Wednesday, the dollar moving higher throughout the morning provided additional support.
Egypt bought 60,000mt French wheat Wednesday, which also helped.
Although EU-27 winter wheat plantings are lower for 2009, sub-zero temperatures are thought to have so far offered little threat to dormant crops.
The picture will become clearer in the spring.
Rising EU prices may encourage more farmers to apply fertilisers than had originally been anticipated.
For now, the jury is out on the EU crop for 2009.
