EU Wheat Ends Slightly Lower
EU wheat futures continued to slide slightly lower in holiday season apathy Monday. Paris January milling wheat futures closed down EUR1.50 at EUR129.75/tonne, whilst London May feed wheat futures ended down GBP0.95 at GBP111.75/tonne.
It was another low volume trading session in London, with little more than 200 lots traded all day. Market participants have clearly packed up for Christmas already.
US wheat is trending lower, in the absence of any fund buying to support the market, and that is dragging EU wheat lower with it.
The Australian crop will likely be downsized when ABARE release their revised estimates tomorrow, and production prospects in Argentina are also looking wretched. Unfortunately it's the northern hemisphere that we are competing with.
There are still plentiful supplies out of the Black Sea, Ukraine exports are running ahead of last year's record pace and Russia are still the hot favourites to pick up any export enquiry going at the moment.
It was another low volume trading session in London, with little more than 200 lots traded all day. Market participants have clearly packed up for Christmas already.
US wheat is trending lower, in the absence of any fund buying to support the market, and that is dragging EU wheat lower with it.
The Australian crop will likely be downsized when ABARE release their revised estimates tomorrow, and production prospects in Argentina are also looking wretched. Unfortunately it's the northern hemisphere that we are competing with.
There are still plentiful supplies out of the Black Sea, Ukraine exports are running ahead of last year's record pace and Russia are still the hot favourites to pick up any export enquiry going at the moment.
