EU Wheat Begins Week On Higher Note
EU wheat futures started the week edging higher with Paris November milling wheat up EUR1.50 at EUR144.50/tonne, and London November feed wheat closing up GBP1 at GBP113/tonne.
It was a quiet low-volume session, with buyers still convinced that harvest pressure will bring prices lower yet. Farmer sellers on the other hand, are far from convinced to sell at current levels, especially given that UK ex-farm bids offer a premium of some GBP8-10/tonne for November over harvest movement.
Harvesting of wheat is now underway in many parts of Europe, with things very much looking like a "mixed bag" according to most reports.
Wheat yields in Ukraine are averaging only 2.61 MT/hectare at the moment, sharply down on the 3.5 MT/hectare seen last year. Early reports out of Russia also suggest slightly disappointing yields.
Whilst the harvest is ongoing, farmers will likely content themselves cracking on with that and avoid getting sucked into selling at current levels if they can avoid it.
It was a quiet low-volume session, with buyers still convinced that harvest pressure will bring prices lower yet. Farmer sellers on the other hand, are far from convinced to sell at current levels, especially given that UK ex-farm bids offer a premium of some GBP8-10/tonne for November over harvest movement.
Harvesting of wheat is now underway in many parts of Europe, with things very much looking like a "mixed bag" according to most reports.
Wheat yields in Ukraine are averaging only 2.61 MT/hectare at the moment, sharply down on the 3.5 MT/hectare seen last year. Early reports out of Russia also suggest slightly disappointing yields.
Whilst the harvest is ongoing, farmers will likely content themselves cracking on with that and avoid getting sucked into selling at current levels if they can avoid it.
