EU Wheat Continues To Slide
EU wheat futures continued to slide Wednesday with Paris November milling wheat futures ending down EUR0.25 at EUR127.50/tonne, and London November feed wheat closing down GBP1.25 at GBP100.50/tonne.
It was another day of following the US markets, with Chicago wheat ending sharply lower last night and continuing to drift during the day today.
Farmer selling reportedly picked up considerably last week as EU futures rallied to three-month highs, but growers may have tempered their ideas again now that selling levels are around a fiver off their recent highs.
It's all about currency and America at the moment, that is what is driving EU futures prices. Although US prices have dipped off this week, I'm not so sure that this is a long-term trend developing.
Plenty of reports I am reading suggest that US farmers will be financially better of taking the insurance money, rather than planting wheat.
Others suggest that, as temperatures across Kansas have been several degrees below normal throughout October, coupled with above average precipitation, this has prevented many farmers from finishing wheat planting in the state that produces around a quarter of the entire US wheat crop.
It was another day of following the US markets, with Chicago wheat ending sharply lower last night and continuing to drift during the day today.
Farmer selling reportedly picked up considerably last week as EU futures rallied to three-month highs, but growers may have tempered their ideas again now that selling levels are around a fiver off their recent highs.
It's all about currency and America at the moment, that is what is driving EU futures prices. Although US prices have dipped off this week, I'm not so sure that this is a long-term trend developing.
Plenty of reports I am reading suggest that US farmers will be financially better of taking the insurance money, rather than planting wheat.
Others suggest that, as temperatures across Kansas have been several degrees below normal throughout October, coupled with above average precipitation, this has prevented many farmers from finishing wheat planting in the state that produces around a quarter of the entire US wheat crop.
