EU Wheat Closing Comments
Nov London wheat ends GBP0.50 higher at GBP105.50/tonne, with Paris Nov wheat up EUR1 at EUR141.25/tonne.
Prices flirted either side of unchanged for most of the day, but were supported later by Chicago wheat coming in significantly higher on short-covering.
Currencies had another volatile day, with the pound breaching 1.50 early in the day before ending up around 1.4850 after bearish comments from BoE governor Mervyn King saying UK growth risks have 'increased somewhat'.
This two steps forward one step back mentality seems likely to be a recurring theme between now and harvest. The political uncertainty in the UK looks likely to only undermine the whole thing even further.
Nick Clegg and David Cameron suddenly seem to be acting like a couple of love-struck teenagers, but it can't last that long before one of them comes home from No 10 to find his pet rabbit on the hob surely, can it?
The Ukraine Ag Ministry say that 35.6% of winter rapeseed crop perished due to harsh winter, and that 20% of winter crops need to be resown.
Whilst there doesn't seem to be a major worry over other EU crop damage caused by the hard winter that we've all had, there is maybe at least an unease over slow crop development in many parts of Europe.
Prices flirted either side of unchanged for most of the day, but were supported later by Chicago wheat coming in significantly higher on short-covering.
Currencies had another volatile day, with the pound breaching 1.50 early in the day before ending up around 1.4850 after bearish comments from BoE governor Mervyn King saying UK growth risks have 'increased somewhat'.
This two steps forward one step back mentality seems likely to be a recurring theme between now and harvest. The political uncertainty in the UK looks likely to only undermine the whole thing even further.
Nick Clegg and David Cameron suddenly seem to be acting like a couple of love-struck teenagers, but it can't last that long before one of them comes home from No 10 to find his pet rabbit on the hob surely, can it?
The Ukraine Ag Ministry say that 35.6% of winter rapeseed crop perished due to harsh winter, and that 20% of winter crops need to be resown.
Whilst there doesn't seem to be a major worry over other EU crop damage caused by the hard winter that we've all had, there is maybe at least an unease over slow crop development in many parts of Europe.
