EU Wheat Ends Lower Again
EU wheat futures closed lower yet again, just by way of a change, with March London wheat down GBP2.00 at GBP92.50/tonne, and Paris May wheat EUR1.25 down at EUR121.25/tonne.
It's starting to look pretty ugly for EU wheat, with London March finishing within GBP0.50 of the life of contract low, and Paris May wheat setting a new lifetime low in it's first day as the front trading month.
Defra today said that UK winter wheat plantings are up 11.4% to 1.9 million hectares.
The French Ministry yesterday upped their 2010 soft wheat production estimate to 36.54 MMT and increased 2009/10 ending stocks to a smidgen under 4 MMT.
Also yesterday the USDA pegged US ending stocks at the highest since 1987/88, and upped global ending stocks at 196.77 MMT in 2009-10, up almost 1 MMT from last month and 31.2 MMT higher than 165.57 MMT in 2008-09.
I've tried pretty hard to throw in a glimmer of hope somewhere but simply can't find anything significant right now.
Downwards remains the path of least resistance.
It's starting to look pretty ugly for EU wheat, with London March finishing within GBP0.50 of the life of contract low, and Paris May wheat setting a new lifetime low in it's first day as the front trading month.
Defra today said that UK winter wheat plantings are up 11.4% to 1.9 million hectares.
The French Ministry yesterday upped their 2010 soft wheat production estimate to 36.54 MMT and increased 2009/10 ending stocks to a smidgen under 4 MMT.
Also yesterday the USDA pegged US ending stocks at the highest since 1987/88, and upped global ending stocks at 196.77 MMT in 2009-10, up almost 1 MMT from last month and 31.2 MMT higher than 165.57 MMT in 2008-09.
I've tried pretty hard to throw in a glimmer of hope somewhere but simply can't find anything significant right now.
Downwards remains the path of least resistance.
