EU Wheat Closing Comments
EU wheat futures closed mixed Wednesday with Paris November milling wheat up EUR1.00 at EUR122.00/tonne, and London November feed wheat closing down GBP0.25 at GBP97.00/tonne.
London was pressured a little lower by a firmer sterling, whilst Paris was a tad higher on some short-covering activity.
Fundamentally there is nothing really very new in the market this week however. Global demand is slack, and what little export interest is around is being fiercely fought over.
Despite being ultra-aggressive, Russian wheat exports were 5.2% lower during the first two months of the marketing year (July/August) at 2.751 MMT, compared to 2.903 MMT in 2008/09.
Traditionally the top home for UK wheat exports, Spain's leading grain port of Tarragona is said to be full to the brim with cheap Black Sea grain from the likes of Ukraine, Romania and Bulgaria.
London was pressured a little lower by a firmer sterling, whilst Paris was a tad higher on some short-covering activity.
Fundamentally there is nothing really very new in the market this week however. Global demand is slack, and what little export interest is around is being fiercely fought over.
Despite being ultra-aggressive, Russian wheat exports were 5.2% lower during the first two months of the marketing year (July/August) at 2.751 MMT, compared to 2.903 MMT in 2008/09.
Traditionally the top home for UK wheat exports, Spain's leading grain port of Tarragona is said to be full to the brim with cheap Black Sea grain from the likes of Ukraine, Romania and Bulgaria.
