EU Wheat Close
November London wheat closed GBP0.35/tonne higher at GBP149.95/tonne, with November Paris wheat ending up EUR4.50 at EUR214.25/tonne. Russia didn't get as much rain as had been hoped over the weekend, although showers, some heavy, are in the forecast again all week.
Although temperatures have eased and rainfall has returned to much of Ukraine some irreparable damage has been done to the corn crop, said the Ag Ministry there pegging production now around 15% lower than expected.
Kazakhstan says it had over 6 MMT of grain stocks as at August 1st, 5.5 MMT of which was wheat. If that's correct, and the Ag Ministry's estimate for a grain harvest of around 13.5 MMT this season holds true, then in they could still be a major exporter in 2010/11.
Tunisia bought 50,000 MT each of what was probably French wheat and barley over the weekend, and Jordan booked 100,000 MT of German wheat for the second week in a row.
The fact that buyers keep coming back, even at these levels, is underpinning the market. Heavy rains across the south of England have spread northwards disrupting what remains of the wheat and spring barley harvest. Quality is now becoming a serious issue. The same can also be said for the tail-end of the harvest on the continent.
Although temperatures have eased and rainfall has returned to much of Ukraine some irreparable damage has been done to the corn crop, said the Ag Ministry there pegging production now around 15% lower than expected.
Kazakhstan says it had over 6 MMT of grain stocks as at August 1st, 5.5 MMT of which was wheat. If that's correct, and the Ag Ministry's estimate for a grain harvest of around 13.5 MMT this season holds true, then in they could still be a major exporter in 2010/11.
Tunisia bought 50,000 MT each of what was probably French wheat and barley over the weekend, and Jordan booked 100,000 MT of German wheat for the second week in a row.
The fact that buyers keep coming back, even at these levels, is underpinning the market. Heavy rains across the south of England have spread northwards disrupting what remains of the wheat and spring barley harvest. Quality is now becoming a serious issue. The same can also be said for the tail-end of the harvest on the continent.
