Nogger's Blog

26/07/11 -- EU grains finished with Nov London wheat GBP2.30/tonne higher at GBP162.50/tonne and Nov Paris wheat EUR3.00/tonne firmer at EUR194.25/tonne.

It was another "Turnaround Tuesday" with US and EU wheat futures closing higher after a lower start to the week.

Once again it would seem that the futures markets here and in the US are ignoring the big picture as Russian wheat made it's third clean sweep in a row at the latest Egyptian wheat tender.

Buying 120,000 MT of wheat today from Russia, Egypt has now bought almost half a million tonnes from the former Soviet state in the past three weeks.

The extension of a nil import tariff on wheat coming into the EU from outside the union looks set to see imports continue to outweigh exports over the next few months.

The US dollar remains under pressure on the back of the thorny subject of the raising of the US debt ceiling.