EU Wheat Closing Comments
EU wheat finished mixed Thursday, with November London wheat GBP0.15 higher at GBP103.40/tonne, and November Paris wheat EUR0.50 higher at EUR138.75/tonne.
French wheat managed to secure some of Egypt's wheat tender today, with the world's largest wheat importer booking 120,000 MT of Russian and 60,000 MT of French wheat.
Egypt however continue to flex their muscles, not only do they now insist on a one port of loading rule, they recently tightened their quality criteria by lowering their maximum moisture requirement to 13%.
As Kevin Keegan famously once said "I'd just love it, love it, if nobody bothered to bid on their next tender." It was something like that anyway.
Having fallen sharply in the last week or so, EU wheat prices now seem to be in a period of consolidation. Recent rains have eased crop production fears in the UK, France and Germany.
The euro continues to get weaker by the day, which should put a floor under further Parisian losses.
French wheat managed to secure some of Egypt's wheat tender today, with the world's largest wheat importer booking 120,000 MT of Russian and 60,000 MT of French wheat.
Egypt however continue to flex their muscles, not only do they now insist on a one port of loading rule, they recently tightened their quality criteria by lowering their maximum moisture requirement to 13%.
As Kevin Keegan famously once said "I'd just love it, love it, if nobody bothered to bid on their next tender." It was something like that anyway.
Having fallen sharply in the last week or so, EU wheat prices now seem to be in a period of consolidation. Recent rains have eased crop production fears in the UK, France and Germany.
The euro continues to get weaker by the day, which should put a floor under further Parisian losses.
