EU Wheat Ends Lower After Egypt Buys Russian Wheat
The recent problems of the last few weeks that saw Egypt buy EU and US wheat in preference to cheaper Russian supplies over a quality dispute seem to be over, with GASC confirming the purchase of 60,000 MT of Russian wheat from Glencore today at $178.05 FOB.
Paris November milling wheat closed down EUR0.50 at EUR140.50/tonne, and London November feed wheat ending down GBP1.50 at GBP109.75/tonne.
Despite the disappointment of Egypt returning to Russia for it's requirements, recent heavy rains across the UK, France and Germany are a concern for the quality of EU wheat this coming season, if not the quantity.
Elsewhere in the world wheat production looks mixed at best, with Argentina expected to seed their lowest crop in over 100 years, and output in Russia and Ukraine seen sharply lower in 2009.
Paris November milling wheat closed down EUR0.50 at EUR140.50/tonne, and London November feed wheat ending down GBP1.50 at GBP109.75/tonne.
Despite the disappointment of Egypt returning to Russia for it's requirements, recent heavy rains across the UK, France and Germany are a concern for the quality of EU wheat this coming season, if not the quantity.
Elsewhere in the world wheat production looks mixed at best, with Argentina expected to seed their lowest crop in over 100 years, and output in Russia and Ukraine seen sharply lower in 2009.
