EU Wheat Ends Lower - US Buys EU Wheat?
EU wheat futures continued to drift lower Wednesday against the usual backdrop of sluggish demand.
May Paris milling wheat ended down EUR0.25 at EUR135.75/tonne, and London May feed wheat closed down GBP1.00 at GBP106.00/tonne.
Traders continue to talk about slack export demand, yet the HGCA say that UK exports are running at 2.6 MMT in the current marketing year, double year ago levels.
It seems evident that UK wheat is still managing to find export homes at a price, and for the quality that we have. As mentioned previously here, plenty of wheat seems to be leaving our shores "off the radar" without ever getting a mention from the usual sources.
But no, if the usual suspects can be relied upon, then harvest pressure is going to enter the market anytime soon.
Interestingly there are unconfirmed reports that the US has bought 160,000 MT of EU feed wheat. I wonder if the Frontier lads have been active again?
May Paris milling wheat ended down EUR0.25 at EUR135.75/tonne, and London May feed wheat closed down GBP1.00 at GBP106.00/tonne.
Traders continue to talk about slack export demand, yet the HGCA say that UK exports are running at 2.6 MMT in the current marketing year, double year ago levels.
It seems evident that UK wheat is still managing to find export homes at a price, and for the quality that we have. As mentioned previously here, plenty of wheat seems to be leaving our shores "off the radar" without ever getting a mention from the usual sources.
But no, if the usual suspects can be relied upon, then harvest pressure is going to enter the market anytime soon.
Interestingly there are unconfirmed reports that the US has bought 160,000 MT of EU feed wheat. I wonder if the Frontier lads have been active again?
