EU Wheat Ends Mostly Higher
EU wheat futures closed mostly higher again Wednesday, with May London feed wheat up GBP0.75 at GBP105.75 and November Paris Milling wheat up EUR0.50 at EUR141.50/tonne.
Once again it was largely all about currency. The euro fell below 1.22 against the dollar for the first time in over four years as the German authorities introduced a ban on naked short selling of bonds and shares in major financial institutions. Sterling was also weaker on a "flight to safety" against the dollar.
The acute weakness of the euro continues to help France in particular continue to pick up significant wheat export orders.
Dryness is causing some concern for developing new crop wheat in some parts of Europe, whilst in the east it's been flooding that's the problem.
Dryness over France may be stressing jointing winter wheat, whilst cooler than normal temperatures over central Spain may have caused a few problems for flowering wheat, according to media reports.
Wheat planting is underway in Australia, but dryness in the top-producing state of WA is also a concern.
Once again it was largely all about currency. The euro fell below 1.22 against the dollar for the first time in over four years as the German authorities introduced a ban on naked short selling of bonds and shares in major financial institutions. Sterling was also weaker on a "flight to safety" against the dollar.
The acute weakness of the euro continues to help France in particular continue to pick up significant wheat export orders.
Dryness is causing some concern for developing new crop wheat in some parts of Europe, whilst in the east it's been flooding that's the problem.
Dryness over France may be stressing jointing winter wheat, whilst cooler than normal temperatures over central Spain may have caused a few problems for flowering wheat, according to media reports.
Wheat planting is underway in Australia, but dryness in the top-producing state of WA is also a concern.
