EU Wheat Continues To Slide
EU wheat futures continued their slide Friday with Paris November milling wheat closing down EUR1.25, or 0.9%, at EUR138.00/tonne, and London November feed wheat trading down GBP1.25 at GBP106.00/tonne.
There is very little fresh news, it's all very much a case of same old, same old. Harvest is upon us, although rain is a problem in parts of western and northern Europe.
Further east if anything it remains too dry, harvesting is well advanced in Russia and Ukraine, and quality is better than last year although yields are down.
Elsewhere in the world US prices are falling and rains have finally arrived in Argentina, although plantings there are wrapping up. After that it will be all eyes on Australia, where wheat has largely got off to a great start, although El Nino weather potential could change all that.
El Nino is also being blamed for poor monsoon rains in northern India. Poor rains now will affect soil moisture when wheat goes into the ground later in the year, and also reduce irrigation potential.
There is an old saying that the cure for high prices is high prices. That certainly seemed to prove to be the case last season, after every man & his dog planted wheat, encouraged by sky-high levels. Maybe also the cure for low prices is low prices?
There is very little fresh news, it's all very much a case of same old, same old. Harvest is upon us, although rain is a problem in parts of western and northern Europe.
Further east if anything it remains too dry, harvesting is well advanced in Russia and Ukraine, and quality is better than last year although yields are down.
Elsewhere in the world US prices are falling and rains have finally arrived in Argentina, although plantings there are wrapping up. After that it will be all eyes on Australia, where wheat has largely got off to a great start, although El Nino weather potential could change all that.
El Nino is also being blamed for poor monsoon rains in northern India. Poor rains now will affect soil moisture when wheat goes into the ground later in the year, and also reduce irrigation potential.
There is an old saying that the cure for high prices is high prices. That certainly seemed to prove to be the case last season, after every man & his dog planted wheat, encouraged by sky-high levels. Maybe also the cure for low prices is low prices?
