EU Wheat Close - Wednesday

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

25/04/12 -- EU grains finished mostly lower with May 12 London wheat unchanged GBP175.50/tonne, whilst new crop Nov 12 fell GBP1.55/tonne to close at GBP154.00/tonne. May 12 Paris wheat ended EUR2.00/tonne lower at EUR212.50/tonne, Nov 12 was EUR2.00/tonne easier at EUR200.00/tonne.

Support from another day of sharply higher Chicago soybean/meal futures failed to spill over into the grain again today.

It seems that we are stuck in a trend where grains edge lower despite oilseeds attempting to drag them higher.

On the year to date we have Chicago wheat down 3%, Chicago corn down 3.5%, yet beans are up 24% and meal is up by a staggering 35.6%

German trading house Toepfer today forecast wheat production there at 22.2 MMT, down fhalf a million from 22.7 MMT last year, with corn at 4.89 MMT, down from 5.2 MMT last season. Both estimates are in line with recent ones from Coceral.

Winterkill destroyed 29% of Poland's winter sowings this year, according to the country's statistical office. That land will be resown mostly with spring barley and corn it would seem.

Heavy rain across most of the UK today will have further eased drought fears. Much of France and Germany are in for the same as the week wears on.