EU Wheat Closes Higher
EU Wheat futures closed higher Thursday in a relatively low-volume session.
May Paris milling wheat ended up EUR1.25 at EUR137.50/tonne, and May London feed wheat closed up GBP0.15 at GBP108.75/tonne.
Futures were lower early in the session but got dragged higher later on by firmer US markets and stronger outside influences.
Crude oil finished more than 9% higher at $46.30/barrel, which helped add some support.
Strategie Grains dropped their 2009 EU soft wheat production estimate by 1.5mmt, citing lower plantings in the UK, Spain & France. That may still be a bit conservative as the UK alone may account for more than that.
A surge in US futures, prompted by continued concerns over winter wheat crops in the southern Plains, also provided a late boost.
May Paris milling wheat ended up EUR1.25 at EUR137.50/tonne, and May London feed wheat closed up GBP0.15 at GBP108.75/tonne.
Futures were lower early in the session but got dragged higher later on by firmer US markets and stronger outside influences.
Crude oil finished more than 9% higher at $46.30/barrel, which helped add some support.
Strategie Grains dropped their 2009 EU soft wheat production estimate by 1.5mmt, citing lower plantings in the UK, Spain & France. That may still be a bit conservative as the UK alone may account for more than that.
A surge in US futures, prompted by continued concerns over winter wheat crops in the southern Plains, also provided a late boost.
