EU Wheat Ends Flat
EU wheat futures closed flat around unchanged levels in a quiet start to the trading week Monday. March London feed wheat ended down GBP0.25 at GBP100.60/tonne, and Paris March milling wheat up EUR0.75 at EUR127.25/tonne.
Prices have fallen substantially in the past fortnight, with UK levels approaching GBP100/tonne and French prices not far off EUR125/tonne. Both of those are psychologically important, and the market seems unwilling to break lower just at the moment.
Bears still have things largely their own way however, and export interest remains scant. Russia announced that it had struck a deal with Bangladesh to supply it with 300,000 MT of wheat today, adding another tick to it's ever increasing list of willing buyers if the price is right.
US stocks continue to climb, and will end 2010/11 higher again despite a drop in winter wheat planted area this season to the lowest since before the First World War.
Prices have fallen substantially in the past fortnight, with UK levels approaching GBP100/tonne and French prices not far off EUR125/tonne. Both of those are psychologically important, and the market seems unwilling to break lower just at the moment.
Bears still have things largely their own way however, and export interest remains scant. Russia announced that it had struck a deal with Bangladesh to supply it with 300,000 MT of wheat today, adding another tick to it's ever increasing list of willing buyers if the price is right.
US stocks continue to climb, and will end 2010/11 higher again despite a drop in winter wheat planted area this season to the lowest since before the First World War.
