French Wheat Ends Higher On Weather Woes
Nov Paris wheat ends EUR7 higher at EUR227.50/tonne, Nov Paris corn up EUR5 at 197.50/tonne and Nov Paris rapeseed up EUR2.75 at EUR375.75/tonne.
London markets were closed for the August bank holiday.
Continued wet weather in Germany may mean that a much higher percentage of their crop than normal is only suitable for feeding.
Although the French wheat harvest is over, the Russian ban on exports means that their export sales are at a much more advanced stage than normal. At current rates, they won't have anything left for sale by the spring.
Meanwhile Russian winter wheat plantings continue to lag, and now the market is getting excited about dryness in Argentina and Western Australia.
Those are the immediate issues that the market is focusing on, not the likely increases in European and US winter plantings that will inevitably bring the market sharply lower by harvest 2011.
London markets were closed for the August bank holiday.
Continued wet weather in Germany may mean that a much higher percentage of their crop than normal is only suitable for feeding.
Although the French wheat harvest is over, the Russian ban on exports means that their export sales are at a much more advanced stage than normal. At current rates, they won't have anything left for sale by the spring.
Meanwhile Russian winter wheat plantings continue to lag, and now the market is getting excited about dryness in Argentina and Western Australia.
Those are the immediate issues that the market is focusing on, not the likely increases in European and US winter plantings that will inevitably bring the market sharply lower by harvest 2011.
