EU Wheat Ends Flat To Higher
EU wheat futures closed flat to a little higher Tuesday, supported by a sharply higher US market Monday night. Despite a weak dollar Paris wheat closed EUR0.25/1.00 higher and London wheat unchanged to GBP0.65 higher.
It was another generally quiet trading session, particularly in London with only 77 lots traded all day.
Once again the currency market was all over the place, with the US dollar taking a big hit in afternoon trade after it was announced that India's central bank had bought 200 MT of gold from the IMF.
The deal, worth USD6.7 billion, appears to indicate that other central banks might follow suit in ditching dollars for gold, even though gold prices hit record all-time highs today.
There is so little to talk about on the wheat front itself that the other main events of note this week are the results of the various meetings from the central banks of the US, UK and Europe.
Whilst neither the Fed, BoE of ECB are expected to change interest rates, there may be some new vibes as far as alterations to monetary policy are concerned. It seems a possibility that the BoE may vote to increase QE. That would almost certainly send the pound reeling, which would lead to further appreciations in the price of UK wheat futures.
It was another generally quiet trading session, particularly in London with only 77 lots traded all day.
Once again the currency market was all over the place, with the US dollar taking a big hit in afternoon trade after it was announced that India's central bank had bought 200 MT of gold from the IMF.
The deal, worth USD6.7 billion, appears to indicate that other central banks might follow suit in ditching dollars for gold, even though gold prices hit record all-time highs today.
There is so little to talk about on the wheat front itself that the other main events of note this week are the results of the various meetings from the central banks of the US, UK and Europe.
Whilst neither the Fed, BoE of ECB are expected to change interest rates, there may be some new vibes as far as alterations to monetary policy are concerned. It seems a possibility that the BoE may vote to increase QE. That would almost certainly send the pound reeling, which would lead to further appreciations in the price of UK wheat futures.
