EU Wheat Closes Mixed
EU wheat futures closed higher Wednesday with November Paris milling wheat ending up EUR0.50 at EUR125.75/tonne, and London November feed wheat ending down GBP0.50 at GBP100.15/tonne.
London wheat was again sharply higher earlier in the session, but failed to hold onto those gains as farmer selling kicked in.
Increased production from Russia was forecast by SovEcon, and a sharply reduced intervention buying programme for 2009/10 by the Russians might also have a negative impact on the competitiveness of EU wheat on the export front.
The German Ag Ministry say that wheat output there will come in at just under 25.2 MMT (including a small amount of durum wheat) this season. That is more than a million tonnes under some other private estimates from the likes of the IGC.
Wheat production in Argentina is seen at just 7.1 MMT according to the Buenos Aires Cereals Exchange. That's 15% down on last season, and less than half what they've been used to producing.
London wheat was again sharply higher earlier in the session, but failed to hold onto those gains as farmer selling kicked in.
Increased production from Russia was forecast by SovEcon, and a sharply reduced intervention buying programme for 2009/10 by the Russians might also have a negative impact on the competitiveness of EU wheat on the export front.
The German Ag Ministry say that wheat output there will come in at just under 25.2 MMT (including a small amount of durum wheat) this season. That is more than a million tonnes under some other private estimates from the likes of the IGC.
Wheat production in Argentina is seen at just 7.1 MMT according to the Buenos Aires Cereals Exchange. That's 15% down on last season, and less than half what they've been used to producing.
