EU Grains Close

Posted by Nogger - a legend in his own mind at 20:09 | Categorized as

20/04/11 -- May London wheat closed GBP0.50/tonne higher at GBP217.50/tonne with new crop Nov up GBP4.15 to GBP178.25/tonne. May Paris wheat rose EUR2.50/tonne at EUR253.75/tonne whilst Nov was EUR1.25/tonne higher to EUR224.75/tonne.

It was another warm and dry day across almost all of Europe, with concerns continuing to mount, particularly for spring grains and crops on lighter land.

"A dry blocking pattern exists across Europe, allowing dry continental air to flow out of Russia into Europe, with little in the way of significant rains expected for at least the next ten days for Germany, Poland and Western Russia, according to QT Weather.

"The remainder of this week will remain dry from the eastern British Isles, south-eastwards to Belarus and the Ukraine. France will receive some rain with the heaviest in the South," they add.

This was another record closing high for a front month for London wheat, although the position closed well off the intra-day all-time high of GBP222.00/tonne.

Customs data reveals that the UK exported 119,000 MT of wheat in February, bringing total year to date exports to 2.2 MMT. That places exports at more than 50% above year ago levels with a quarter of the season still to go.