EU Wheat Ends Mixed
EU wheat futures closed mixed Tuesday with November Paris milling wheat down EUR0.75 at EUR153.50/tonne, and London November feed wheat closing up GBP1.00 at GBP129/tonne.
The market was struggling for direction and relying on this afternoon's USDA report to supply it.
EU-27 wheat production was seen down at 138.24 MMT, a sharp drop on last season and one of the lowest official estimates yet.
US winter wheat production was also seen lower at 1.502 billion bushels, almost 20% down on 2008's 1.868 billion bushels.
Argentine 2009 production was pegged at 11 MMT, much lower than earlier estimates, although above 2008's drought-ravaged output of 8.3 MMT. This is still well below recent average production of 15-16 MMT.
A stronger euro and pound against the US dollar was negative.
The market was struggling for direction and relying on this afternoon's USDA report to supply it.
EU-27 wheat production was seen down at 138.24 MMT, a sharp drop on last season and one of the lowest official estimates yet.
US winter wheat production was also seen lower at 1.502 billion bushels, almost 20% down on 2008's 1.868 billion bushels.
Argentine 2009 production was pegged at 11 MMT, much lower than earlier estimates, although above 2008's drought-ravaged output of 8.3 MMT. This is still well below recent average production of 15-16 MMT.
A stronger euro and pound against the US dollar was negative.
