EU Wheat Ends Week On Quiet Note
EU wheat futures closed unchanged to a little lower Friday, ending the week on a quiet note.
May Paris milling wheat closed unchanged at EUR132.25/tonne. May London feed wheat closed down GBP1.10 at GBP108.50/tonne.
All eyes are on next weeks' USDA report for some much needed direction. Whether we will get that however remains to be seen.
Besides that there is little fresh news on the horizon. On the supportive side we have some crop concerns in the US Plains, and lower plantings there, in the EU and Russia. Bearish factors remain the weight of old crop wheat still on the market and slack export demand.
Despite the HGCA reporting UK exports running at 145% of last season's levels July08-Jan09, it still seems likely that there will be plenty of old crop carried into the next marketing year.
The short-term outlook for lower sterling vs the euro may help exports a little.
May Paris milling wheat closed unchanged at EUR132.25/tonne. May London feed wheat closed down GBP1.10 at GBP108.50/tonne.
All eyes are on next weeks' USDA report for some much needed direction. Whether we will get that however remains to be seen.
Besides that there is little fresh news on the horizon. On the supportive side we have some crop concerns in the US Plains, and lower plantings there, in the EU and Russia. Bearish factors remain the weight of old crop wheat still on the market and slack export demand.
Despite the HGCA reporting UK exports running at 145% of last season's levels July08-Jan09, it still seems likely that there will be plenty of old crop carried into the next marketing year.
The short-term outlook for lower sterling vs the euro may help exports a little.
