EU Wheat Futures Close Lower
Paris May milling wheat closed Wednesday down EUR2.25 at EUR136.25/tonne, and London May feed wheat ended down GBP1.90 at GBP109.60/tonne.
The USDA raising US and world ending stocks added some bearish input to the spectre of Russia mopping up pretty much every export order going.
It was pretty much another day of doom & gloom all round, with a general air of depression dragging the market down.
Things will change, but exactly when that will be is unclear. We still have a large exportable surplus to dispose of, carrying wheat seems like a good idea if you can afford to do so and have the storage.
Consumers seem concerned that a relatively poor quality UK 2008 crop may end up getting carried (and mixed) in with the 2009 season crop. Unfortunately for them, the way current pricing structures are set up, that is likely to be what happens.
The USDA raising US and world ending stocks added some bearish input to the spectre of Russia mopping up pretty much every export order going.
It was pretty much another day of doom & gloom all round, with a general air of depression dragging the market down.
Things will change, but exactly when that will be is unclear. We still have a large exportable surplus to dispose of, carrying wheat seems like a good idea if you can afford to do so and have the storage.
Consumers seem concerned that a relatively poor quality UK 2008 crop may end up getting carried (and mixed) in with the 2009 season crop. Unfortunately for them, the way current pricing structures are set up, that is likely to be what happens.
