EU Wheat Stumbles Lower
EU wheat futures stumbled lower Tuesday with Paris November milling wheat ending down EUR0.25 at EUR122.50/tonne, and London November feed wheat down GBP0.65 at GBP98.00/tonne.
The market remains in a state of flux, with buyers and sellers alike unwilling participants.
Egypt bought 150,000 MT of all-Russian wheat in a tender today, passing on offers of French and US wheat amongst others.
A slightly firmer pound added a little bearishness to UK wheat, a brief respite after it had suffered a couple of days under severe pressure.
Farmers don't care too much for current levels, and seem relatively content to stand aside and concentrate instead on their planting intentions for the 2010 crop.
More wheat and rapeseed and less barley getting planted across much of the EU is what the smart money is on. Growers will also be eying intervention opening up next month, with a view to putting up plenty of barley offers at levels approaching EUR102/tonne.
The market remains in a state of flux, with buyers and sellers alike unwilling participants.
Egypt bought 150,000 MT of all-Russian wheat in a tender today, passing on offers of French and US wheat amongst others.
A slightly firmer pound added a little bearishness to UK wheat, a brief respite after it had suffered a couple of days under severe pressure.
Farmers don't care too much for current levels, and seem relatively content to stand aside and concentrate instead on their planting intentions for the 2010 crop.
More wheat and rapeseed and less barley getting planted across much of the EU is what the smart money is on. Growers will also be eying intervention opening up next month, with a view to putting up plenty of barley offers at levels approaching EUR102/tonne.
