EU Wheat Closing Comments
EU wheat futures ended modestly lower Monday with Paris November milling wheat down EUR0.25 at EUR140.75/tonne, and London November feed wheat closing down GBP0.25 at GBP111.75/tonne.
Prices are drifting gently lower but seem to have arrested the steep declines witnessed during most of June.
Weaker crude oil and falling equities were bearish influences today, but a sharp rise in the dollar tempered losses.
The barley harvest is well advanced in Eastern Europe, with wheat cutting next on the agenda, that might bring some further pressure although farmers are reluctant sellers ar current levels.
According to Coceral the EU-27 will produce a wheat crop of 137.6 MMT in 2009/10, of which 128.6 MMT will be soft wheat. That's down 8.6% on an all wheat crop of 150.5 MMT in 2008. Yields for soft wheat are forecast at 5.6 MT/ha, 6.7% lower than 6.0 MT/ha in 2008.
Prices are drifting gently lower but seem to have arrested the steep declines witnessed during most of June.
Weaker crude oil and falling equities were bearish influences today, but a sharp rise in the dollar tempered losses.
The barley harvest is well advanced in Eastern Europe, with wheat cutting next on the agenda, that might bring some further pressure although farmers are reluctant sellers ar current levels.
According to Coceral the EU-27 will produce a wheat crop of 137.6 MMT in 2009/10, of which 128.6 MMT will be soft wheat. That's down 8.6% on an all wheat crop of 150.5 MMT in 2008. Yields for soft wheat are forecast at 5.6 MT/ha, 6.7% lower than 6.0 MT/ha in 2008.
