EU Wheat Closing Comments
May London wheat closed GBP0.55 easier at GBP96.00/tonne, and May Paris wheat ending EUR0.50 higher at EUR125.50/tonne.
Once again a weak pound and euro helped underpin the grain sector, and further volatility ahead looks likely as Greek uncertainties continue and a UK election nears.
Farmers don't much fancy the look of current levels, but consumers are also pretty happy to sit and wait. Growers seem largely content to busy themselves with the land, if they can get onto it that is.
The weather seems to have warmed up for the time being, even in the Ukraine where things have apparently gone from deep mid-winter to spring in a matter of days.
"So far it appears plenty of plants have survived the winter and it’s not necessarily bad as some sources have previously hinted," says Ukraine agronomist Mike Lee.
"As the land dries out over the next week we will be better able to get out on to the fields and see a clearer picture. There will be crop losses as is normal for this part of the world but it is just a matter of how much," he adds.
The IGC cut it's forecast for 2010/11 world wheat production by 1 MMT to 658 MMT.
In America, the USDA reported a decent set of weekly export numbers, which should help final sales for the current marketing year exceed USDA projections of 22.5 MMT.
Once again a weak pound and euro helped underpin the grain sector, and further volatility ahead looks likely as Greek uncertainties continue and a UK election nears.
Farmers don't much fancy the look of current levels, but consumers are also pretty happy to sit and wait. Growers seem largely content to busy themselves with the land, if they can get onto it that is.
The weather seems to have warmed up for the time being, even in the Ukraine where things have apparently gone from deep mid-winter to spring in a matter of days.
"So far it appears plenty of plants have survived the winter and it’s not necessarily bad as some sources have previously hinted," says Ukraine agronomist Mike Lee.
"As the land dries out over the next week we will be better able to get out on to the fields and see a clearer picture. There will be crop losses as is normal for this part of the world but it is just a matter of how much," he adds.
The IGC cut it's forecast for 2010/11 world wheat production by 1 MMT to 658 MMT.
In America, the USDA reported a decent set of weekly export numbers, which should help final sales for the current marketing year exceed USDA projections of 22.5 MMT.
