EU Wheat Close
November London wheat closed GBP4.75/tonne higher at GBP151.25/tonne, with November Paris wheat ending up EUR7.50 at EUR212.75/tonne.
Panic talk that Russia will have to import grain this season set the market alight, a bit like the Edwina Currie salmonellae in eggs story.
Egypt bought 180,000 MT of French wheat and 60,000 MT of Canadian wheat today. That helps to keep alive the theory that there are buyers even at these high levels.
In reality, they are surely only buying in what they now know won't get supplied by Russia against existing contracts?
Even so the popular market newswires are full of reports using emotive words like "decimated", just as they were not too long ago with "awash" and "burdensome".
A somewhat detached level headed viewpoint is required at the moment, with the kind of daily price movements we are seeing.
Panic talk that Russia will have to import grain this season set the market alight, a bit like the Edwina Currie salmonellae in eggs story.
Egypt bought 180,000 MT of French wheat and 60,000 MT of Canadian wheat today. That helps to keep alive the theory that there are buyers even at these high levels.
In reality, they are surely only buying in what they now know won't get supplied by Russia against existing contracts?
Even so the popular market newswires are full of reports using emotive words like "decimated", just as they were not too long ago with "awash" and "burdensome".
A somewhat detached level headed viewpoint is required at the moment, with the kind of daily price movements we are seeing.
