EU Wheat Nudges Higher
EU wheat futures nudged higher Tuesday, despite a sharply weaker dollar with Paris May milling wheat closing up EUR0.50 at EUR146.25/tonne, and London July feed wheat rose GBP0.25 at GBP114/tonne.
Firmer equities, crude oil and a strong Chicago market outweighed the negative impact of a weak dollar to send prices modestly higher at the close.
US spring wheat plantings remain well behind schedule, and the outlook for lower production numbers in 2009 is keeping traders cautious, with farmers only light sellers ahead of an uncertain outlook for new crop.
After a largely dry start to the year recent rains will have aided crop development in the UK, France and Germany, but more is needed if we are to get even close to last seasons bumper yields.
Firmer equities, crude oil and a strong Chicago market outweighed the negative impact of a weak dollar to send prices modestly higher at the close.
US spring wheat plantings remain well behind schedule, and the outlook for lower production numbers in 2009 is keeping traders cautious, with farmers only light sellers ahead of an uncertain outlook for new crop.
After a largely dry start to the year recent rains will have aided crop development in the UK, France and Germany, but more is needed if we are to get even close to last seasons bumper yields.
