EU Wheat Futures Push Higher
EU wheat futures closed higher Monday, with London posting it's biggest one day gain since June 1st, coincidentally the recent market high when November London feed wheat closed at £134.50/tonne.
How things have changed since then. November London feed wheat closed up GBP1.75 at GBP98.00/tonne and November Paris milling wheat futures finished up EUR2.25 at EUR129.00/tonne.
A firmer dollar, stronger crude oil and equities and spillover strength from US grains helped wheat rebound a little from recent steep declines.
Some traders warned that the overall trend is still sharply lower, and that today's price action was merely a temporary correction.
Some crop concerns are emerging from Australia, China and India however for traders to at least be content to book a few profits even if global demand isn't that great at the moment.
Farmers remain reluctant sellers of what has almost certainly been the most expensive crop to produce of all time.
In the UK wheat harvesting should now be well over 50% complete, and although the weather has been far from ideal, it is at least considerably better than 2008. This also means that quality is up, and there is a significantly higher percentage of wheat of milling grade around this year.
How things have changed since then. November London feed wheat closed up GBP1.75 at GBP98.00/tonne and November Paris milling wheat futures finished up EUR2.25 at EUR129.00/tonne.
A firmer dollar, stronger crude oil and equities and spillover strength from US grains helped wheat rebound a little from recent steep declines.
Some traders warned that the overall trend is still sharply lower, and that today's price action was merely a temporary correction.
Some crop concerns are emerging from Australia, China and India however for traders to at least be content to book a few profits even if global demand isn't that great at the moment.
Farmers remain reluctant sellers of what has almost certainly been the most expensive crop to produce of all time.
In the UK wheat harvesting should now be well over 50% complete, and although the weather has been far from ideal, it is at least considerably better than 2008. This also means that quality is up, and there is a significantly higher percentage of wheat of milling grade around this year.
