EU Wheat Close
EU grains closed mixed Tuesday, with Nov London wheat GBP0.75 higher at GBP162.50, and Nov Paris wheat falling EUR1.25 to EUR230.75.
A strong euro depressed Paris futures, whilst London wheat garnered support from ideas that UK wheat is cheap relative to French material, and that final harvest results here will show quality didn't suffer too much during the late-July and August rains.
The Australian Bureau of Agricultural and Resource Economics, or Abare, pegged the wheat crop Down Under at 25.1 MMT. That's the latest in a series of upward revisions, and also the highest so far this season. Indeed that places the 2010/11 crop within 100,000 MT of the all-time record.
They also put exports at 18.4 MMT, their highest since 1996/97 and 2.4 MMT above the USDA's latest estimate.
In addition to that, the Argentine Ag Ministry estimate this year's wheat crop at 12-13 MMT, up around 60-70% on last year.
The NFU estimate that the English wheat crop could be as low as 13.5 MMT this year, and we still have little idea how much of that was sold as standing wheat.
A strong euro depressed Paris futures, whilst London wheat garnered support from ideas that UK wheat is cheap relative to French material, and that final harvest results here will show quality didn't suffer too much during the late-July and August rains.
The Australian Bureau of Agricultural and Resource Economics, or Abare, pegged the wheat crop Down Under at 25.1 MMT. That's the latest in a series of upward revisions, and also the highest so far this season. Indeed that places the 2010/11 crop within 100,000 MT of the all-time record.
They also put exports at 18.4 MMT, their highest since 1996/97 and 2.4 MMT above the USDA's latest estimate.
In addition to that, the Argentine Ag Ministry estimate this year's wheat crop at 12-13 MMT, up around 60-70% on last year.
The NFU estimate that the English wheat crop could be as low as 13.5 MMT this year, and we still have little idea how much of that was sold as standing wheat.
