EU Wheat Ends Week Flat
EU wheat futures closed flat to lower Thursday with Paris May milling wheat closing down EUR0.25 at EUR136.00/tonne, and November London feed wheat ending unchanged at GBP118.00/tonne.
It was a case of traders tidying up and looking to get away early ahead of the long weekend holiday.
The long-awaited stocks report from the USDA proved to be a non-event for wheat, with 2008/09 carryout coming in bang on expectations at 696 million bushels. Soybean and corn stocks came in a little below what was expected.
Apart from that there was very little fresh news to get too excited about. Iraq bought 250,000mt of wheat in a tender this week, with 100,000mt surprisingly going the way of the US.
Although some analysts said that this may have been a sop to a surprise visit from Obama to Baghdad, it is more likely to be due to Russia running out of the best quality wheat at last.
US wheat continues to struggle to stage a rally, despite reports of serious potential for crop damage in Kansas, Oklahoma and Texas by a heavy freeze at the beginning of the week when temperatures fell to 10F and lower in some parts.
It was a case of traders tidying up and looking to get away early ahead of the long weekend holiday.
The long-awaited stocks report from the USDA proved to be a non-event for wheat, with 2008/09 carryout coming in bang on expectations at 696 million bushels. Soybean and corn stocks came in a little below what was expected.
Apart from that there was very little fresh news to get too excited about. Iraq bought 250,000mt of wheat in a tender this week, with 100,000mt surprisingly going the way of the US.
Although some analysts said that this may have been a sop to a surprise visit from Obama to Baghdad, it is more likely to be due to Russia running out of the best quality wheat at last.
US wheat continues to struggle to stage a rally, despite reports of serious potential for crop damage in Kansas, Oklahoma and Texas by a heavy freeze at the beginning of the week when temperatures fell to 10F and lower in some parts.
