EU Wheat Edges Higher
EU wheat futures edged higher Friday with Paris May milling wheat closing up EUR2.25 at EUR139.00/tonne and London May feed wheat ending up GBP1.25 at GBP107.50/tonne.
It was another relatively quiet session with many participants still away for Easter or sitting on their hands.
A firmer dollar was largely responsible for prices nudging into positive territory, coupled with the news that the US bought 160,000 MT of Danish wheat earlier in the week.
Although the EU has a record large crop, wheat export licences 42 weeks into the marketing year are running 150% up on year ago levels at 17.46 MMT compared to 6.87 MMT at the same point in 2008.
Adverse weather conditions are slowing spring grains plantings in Russia and the FSU. Russia has sown only around a third of what it had planted a year ago, whilst in Ukraine spring sowings are also well behind.
Warmer and drier weather in the US may improve wheat crop prospects however.
It was another relatively quiet session with many participants still away for Easter or sitting on their hands.
A firmer dollar was largely responsible for prices nudging into positive territory, coupled with the news that the US bought 160,000 MT of Danish wheat earlier in the week.
Although the EU has a record large crop, wheat export licences 42 weeks into the marketing year are running 150% up on year ago levels at 17.46 MMT compared to 6.87 MMT at the same point in 2008.
Adverse weather conditions are slowing spring grains plantings in Russia and the FSU. Russia has sown only around a third of what it had planted a year ago, whilst in Ukraine spring sowings are also well behind.
Warmer and drier weather in the US may improve wheat crop prospects however.
