EU Wheat Ends Lower
EU wheat futures closed lower pressured by falling crude oil and a weaker dollar. Paris March milling wheat closed down EUR1.25 at EUR152.75/tonne, whilst London May feed wheat finished down GBP1.75 at GBP125.25/tonne.
Crude oil closed 9% or $3.75 lower at $41.98/barrel as world demand continues to slump. US consumer confidence and home prices also fell sharply adding to crude's woes.
An improved weather outlook in Argentina took the steam out of the Chicago market, which also spilled over in EU grains.
Uncertainty over media reports that Egypt was to (once again) ban Ukraine wheat on quality issues kept traders on the sidelines after GASC denied the stories.
Europe is in need of some positive export news with a large surplus to dispose of, a sharply weaker dollar will not help this cause.
Crude oil closed 9% or $3.75 lower at $41.98/barrel as world demand continues to slump. US consumer confidence and home prices also fell sharply adding to crude's woes.
An improved weather outlook in Argentina took the steam out of the Chicago market, which also spilled over in EU grains.
Uncertainty over media reports that Egypt was to (once again) ban Ukraine wheat on quality issues kept traders on the sidelines after GASC denied the stories.
Europe is in need of some positive export news with a large surplus to dispose of, a sharply weaker dollar will not help this cause.
