EU Wheat Close

Posted by Nogger - a legend in his own mind at 18:39 | Categorized as

01/02/11 -- EU wheat closed mixed, but mostly lower, with Mar London wheat down GBP0.45 to GBP202.65/tonne and new crop Nov GBP0.60 lower at GBP172.00/tonne. Mar Paris wheat was unchanged at EUR269.00/tonne, with Nov down EUR1.50 to EUR231.50/tonne.

Egyptian uncertainty clouds the market, media reports suggest that all major ports there are closed for the time being. The Suez is open, but traffic along it is starting to slow.

Jordan bought 100,000 MT each of wheat and barley in a tender. Chicago soybeans hit fresh 2 1/2 year highs. A strong performance from both the euro and sterling capped gains today however.

Argentine port strikes are ongoing, disrupting nearby supplies of beans, corn and wheat. So too is a severe winter storm currently hitting the US Plains, "bitter cold will occur again tonight in HRW wheat," say Martell Crop Projections.

Wheat in the North China Plain remains under threat from a winter drought which has brought little rain since September.

Russia are set to begin auctioning off 5-6 MMT of intervention grain on Friday. Ukraine say that they expect to review their own export quota system later this month.