EU Wheat Ends Higher For Once
EU wheat futures had a rare higher close Thursday with November Paris milling wheat ending EUR1.25 higher at EUR135/tonne, and London November feed wheat closing GBP1.50 higher at GBP102.75/tonne.
Strength came from sharply higher US markets, although CBOT wheat was (as usual) the weakest of the complex.
Egypt bought 295,000 MT of wheat in a tender, with all but 55,000 MT of that French wheat - the rest being US material.
It was interesting to see them pass on Russian wheat, having favoured that particular supply-route in their last tender. It seems that offers of Russian grain were scant, after the recent problems concerning quality issues from that country of origin. International shippers still seem quite reluctant to put up offers of Russian wheat despite both countries protestations that the problems are sorted.
Harvest pressure still remains however, and it certainly seems far from likely that we can call this anything but a temporary correction in a long-term downtrend.
A weak dollar is bearish for UK and French wheat, and the IGC upped it's global 2009 crop estimate by 2 MMT today to 654 MMT.
Strength came from sharply higher US markets, although CBOT wheat was (as usual) the weakest of the complex.
Egypt bought 295,000 MT of wheat in a tender, with all but 55,000 MT of that French wheat - the rest being US material.
It was interesting to see them pass on Russian wheat, having favoured that particular supply-route in their last tender. It seems that offers of Russian grain were scant, after the recent problems concerning quality issues from that country of origin. International shippers still seem quite reluctant to put up offers of Russian wheat despite both countries protestations that the problems are sorted.
Harvest pressure still remains however, and it certainly seems far from likely that we can call this anything but a temporary correction in a long-term downtrend.
A weak dollar is bearish for UK and French wheat, and the IGC upped it's global 2009 crop estimate by 2 MMT today to 654 MMT.
