EU Wheat Firms In Low Volume Day
EU wheat closed slightly firmer in a low volume session Tuesday. Paris November milling wheat futures closed up EUR0.50 at EUR121.00/tonne, and London November feed wheat futures traded up GBP0.50 at GBP97.25/tonne.
Last week's announcement from the NFU that the English wheat crop this year would only amount to 12.9 MMT is keeping shorts a bit nervous.
The U.K.'s exportable surplus is at around 2 MMT rather than 3 MMT, but "either way there's a surplus that needs to find a home," said a London-based broker.
That's the way Dow Jones saw it today at least, conveniently ignoring the fact that having exported 3.5 MMT of low quality high moisture rubbish last season, why should 'only' 2 MMT of decent wheat be a problem this time round?
UK wheat is getting a boost from a weak pound viz-a-viz the euro.
Depending on who's stories you believe, recent rains in Australia have either made the crop, or just about saved it in the east.
Last week's announcement from the NFU that the English wheat crop this year would only amount to 12.9 MMT is keeping shorts a bit nervous.
The U.K.'s exportable surplus is at around 2 MMT rather than 3 MMT, but "either way there's a surplus that needs to find a home," said a London-based broker.
That's the way Dow Jones saw it today at least, conveniently ignoring the fact that having exported 3.5 MMT of low quality high moisture rubbish last season, why should 'only' 2 MMT of decent wheat be a problem this time round?
UK wheat is getting a boost from a weak pound viz-a-viz the euro.
Depending on who's stories you believe, recent rains in Australia have either made the crop, or just about saved it in the east.
