EU Wheat Closing Comments

EU wheat futures closed mixed Tuesday with November London wheat ending down GBP1.10 at GBP101.76/tonne and November Paris wheat up EUR0.50 at EUR138.75/tonne.

Now that the market has absorbed the Canadian situation it's all about currency once again.

The pound was up, hence the weakness in London wheat. The euro was weaker again, hence the firmness is Paris wheat.

US spring wheat crop conditions were rated as being 86% good/excellent compared to 84% last week, by the USDA last night.

Argentina says that it may double wheat production in 2010, albeit from historically very low levels, to 12-15 MMT.

My spies tell me that Ely railway station opens as a grain terminal in July, with large volumes of wheat going up into Ensus shortly after that.