EU Wheat: Two Little Ducks
23/12/10 -- EU wheat closed higher Thursday with Jan London wheat up GBP1.00 to GBP197.25/tonne, and new crop Nov GBP0.25 higher at GBP165.25/tonne. Jan Paris wheat rose EUR0.75 to EUR248.00/tonne and Nov climbed EUR0.25 to EUR219.50/tonne.
You wait all this time for one little duck, then two come along at once. July London wheat closed at GBP204/tonne and May also managed a close above the magical GBP200/tonne mark also today finishing at GBP201.00.
March wheat traded at GBP200/tonne, closing just GBP0.25/tonne below that level otherwise we'd have been looking at three little ducks. Meanwhile front month January set another couple of records, trading up to GBP198.40/tonne, the highest for a front month ever. It also set another new all time high close for a front month.
The USDA confirmed that private US exporters sold 100,000 MT of wheat to Iraq yesterday, with them also apparently booking 150,000 MT of Australian wheat.
Despite being a reported seller of wheat last week, Turkey are said to now be in the market for 1 MMT of protein wheat on an import levy free basis.
Algeria has also been a wheat buyer this week, booking "at least" 200,000 MT, meanwhile the USDA today reported weekly export sales of 590,500 MT of old crop wheat plus a further 6,500 MT for delivery in 2011/12.
Current prices certainly don't seem to be putting too many buyers off.
