EU Wheat Close

Posted by Nogger - a legend in his own mind at 22:38 | Categorized as

12/11/10 -- EU wheat futures closed sharply lower Friday with Nov10 London wheat closing down GBP3.75 at GBP163.25/tonne and Nov11 London wheat down GBP3.65 to GBP144.00/tonne. Jan11 Paris wheat closed EUR8.75 lower at EUR212.50/tonne and Nov11 Paris wheat was down EUR5.75 to EUR195.00/tonne.

The market suffered a severe case of the jitters today as reports of a possible Chinese interest rate increase spread. Gold and other metals fell sharply, dragging soybeans, wheat and other soft commodities with them.

Brussels issued export licences for 501,000 of soft wheat during the past week. That brings the YTD total to 8.8 MMT vs 6.6 MMT a year ago.

The euro was lower again on potential Irish debt defaults.

Late weakness from US CBOT wheat spilled over into EU wheat contracts.

Nov10 London wheat posted losses of GBP5.75/tonne for the week.