EU Wheat Ends Uneventful Day Lower
EU wheat futures closed lower Monday in an uneventful session as America was closed for the Presidents' Day holiday.
Paris March milling wheat ended down EUR0.50 at EUR147.75/tonne, and London May feed wheat finished down GBP1.50 at GBP116.50/tonne.
Egypt bought Russian wheat late last week, passing on more expensive French material.
Farmers remain relatively light sellers, but Black Sea grain is the cheapest shop in town, with first hand sellers there not quite so reticent.
Whilst plentiful supplies of old-crop wheat remain on the market it is difficult to imagine prices rising too much from here.
New-crop however could be a different kettle of fish. We've already had one crop disaster in Argentina, and seem to be potentially heading for another in China. If weather in Australia was to return true to type at the back-end of 2009 then the supply side of the coin could look rather different.
In addition to that lot, the US crop isn't out of the woods yet, ditto Europe and Russia.
Paris March milling wheat ended down EUR0.50 at EUR147.75/tonne, and London May feed wheat finished down GBP1.50 at GBP116.50/tonne.
Egypt bought Russian wheat late last week, passing on more expensive French material.
Farmers remain relatively light sellers, but Black Sea grain is the cheapest shop in town, with first hand sellers there not quite so reticent.
Whilst plentiful supplies of old-crop wheat remain on the market it is difficult to imagine prices rising too much from here.
New-crop however could be a different kettle of fish. We've already had one crop disaster in Argentina, and seem to be potentially heading for another in China. If weather in Australia was to return true to type at the back-end of 2009 then the supply side of the coin could look rather different.
In addition to that lot, the US crop isn't out of the woods yet, ditto Europe and Russia.
