EU Wheat Close
EU wheat futures regained some of their recent lost ground today as US grains surged on ideas that the latest price correction had been overdone.
Nov London wheat closed GBP5.20/tonne higher at GBP154.25/tonne, and Nov Paris wheat gained EUR6.25/tonne to EUR205.50/tonne.
Defra pegged the UK wheat harvest for 2010 at 14.8 MMT, 5% up on last year. Barley production will come in at 5.2 MMT, a 23% decrease on last season, they said. Bumper rapeseed yields boosted UK rapeseed production to a record 2.24 MMT, they added.
The results were largely in line with other trade estimates.
Statistics Canada released an updated forecast for their wheat crop yesterday, placing output at 22.2 MMT, 17% down on last season. Rapeseed production was pegged at 10.4 MMT, 12% down on last year. Recent weather has improved harvest progress although it still lags normal.
Russian planting is well behind schedule, and now that freezing temperatures have arrived winter grain sowings may well end up 4-6 million hectares behind last season.
Egypt buying French wheat, in combination with Canadian, over the weekend lends support, although the bulls are cautious of another bear surprise from thE USDA on Friday.
Nov London wheat closed GBP5.20/tonne higher at GBP154.25/tonne, and Nov Paris wheat gained EUR6.25/tonne to EUR205.50/tonne.
Defra pegged the UK wheat harvest for 2010 at 14.8 MMT, 5% up on last year. Barley production will come in at 5.2 MMT, a 23% decrease on last season, they said. Bumper rapeseed yields boosted UK rapeseed production to a record 2.24 MMT, they added.
The results were largely in line with other trade estimates.
Statistics Canada released an updated forecast for their wheat crop yesterday, placing output at 22.2 MMT, 17% down on last season. Rapeseed production was pegged at 10.4 MMT, 12% down on last year. Recent weather has improved harvest progress although it still lags normal.
Russian planting is well behind schedule, and now that freezing temperatures have arrived winter grain sowings may well end up 4-6 million hectares behind last season.
Egypt buying French wheat, in combination with Canadian, over the weekend lends support, although the bulls are cautious of another bear surprise from thE USDA on Friday.
