EU Wheat Nudges Higher
EU wheat futures continued to nudge a little higher Thursday, with Paris November milling wheat closing EUR0.50 higher at EUR129.50/tonne and London November feed wheat ending up GBP0.50 at GBP101.00/tonne.
London wheat had been as much as GBP2.00 higher earlier in the session, but fell back later as Chicago came in lower and a few saw the slightly higher move we've seen this week as a selling opportunity.
The German Agriculture Ministry surprised the market Wednesday by saying that this season's wheat harvest may fall short of last year's output, coming in at 24.8 MMT. Most private estimates have gradually been revised upwards this summer, from expectations around 24.0-24.5 MMT earlier in the year to 26.0-26.6 MMT recently.
Egypt passed on French and German wheat yesterday, booking US and Russian wheat, which may keep a lid on any future price rises.
Argy wheat plantings are said to be complete at 2.75 million hectares by the Buenos Aires Cereals Exchange, that's a 40% decrease on last season.
There is talk of weekend frost potential developing on the Canadian prairies, which may hurt wheat crops 2-3 weeks behind normal development.
The USDA reported weekly export sales of 652,700 MT, a marketing-year high, up 82 percent from the previous week.
London wheat had been as much as GBP2.00 higher earlier in the session, but fell back later as Chicago came in lower and a few saw the slightly higher move we've seen this week as a selling opportunity.
The German Agriculture Ministry surprised the market Wednesday by saying that this season's wheat harvest may fall short of last year's output, coming in at 24.8 MMT. Most private estimates have gradually been revised upwards this summer, from expectations around 24.0-24.5 MMT earlier in the year to 26.0-26.6 MMT recently.
Egypt passed on French and German wheat yesterday, booking US and Russian wheat, which may keep a lid on any future price rises.
Argy wheat plantings are said to be complete at 2.75 million hectares by the Buenos Aires Cereals Exchange, that's a 40% decrease on last season.
There is talk of weekend frost potential developing on the Canadian prairies, which may hurt wheat crops 2-3 weeks behind normal development.
The USDA reported weekly export sales of 652,700 MT, a marketing-year high, up 82 percent from the previous week.
