EU Wheat Closing Comments
May London wheat ended GBP0.60 lower at GBP103.90/tonne, with May Paris wheat up EUR0.50 at EUR131.50/tonne.
It was a topsy-turvy sort of a day, with strength earlier in the day propelling front month May London wheat to it's highest levels in more than three months.
Although the overnight eCBOT market was firmer, the afternoon US grains quickly turned lower, with wheat leading the way. That put a bit of a dampener on the Liffe/Euronext markets later in the day.
Even with today's losses though, front month wheat is now around level where we began 2010 on both sides of the Channel, whereas front month wheat on CBOT is around 65 cents lower.
EU wheat seems to have got through the hard winter relatively unscathed, although more frosts are forecast for the end of the week in many parts of northern Europe.
Whilst if anything it's been too dry in the UK, France and Germany of late, very heavy rain is in the forecast again this week for Spain, Portugal, Italy, Greece and southeast Europe.
It was a topsy-turvy sort of a day, with strength earlier in the day propelling front month May London wheat to it's highest levels in more than three months.
Although the overnight eCBOT market was firmer, the afternoon US grains quickly turned lower, with wheat leading the way. That put a bit of a dampener on the Liffe/Euronext markets later in the day.
Even with today's losses though, front month wheat is now around level where we began 2010 on both sides of the Channel, whereas front month wheat on CBOT is around 65 cents lower.
EU wheat seems to have got through the hard winter relatively unscathed, although more frosts are forecast for the end of the week in many parts of northern Europe.
Whilst if anything it's been too dry in the UK, France and Germany of late, very heavy rain is in the forecast again this week for Spain, Portugal, Italy, Greece and southeast Europe.
