EU Wheat Close- Monday

Posted by Nogger - a legend in his own mind at 19:30 | Categorized as

30/04/12 -- EU grains finished mostly higher with May 12 London wheat up GBP0.25/tonne to GBP178.75/tonne, whilst new crop Nov 12 rose GBP0.40/tonne to close at GBP156.00/tonne. May 12 Paris wheat ended EUR2.75/tonne firmer at EUR216.50/tonne, whilst Nov 12 was EUR1.00/tonne higher at EUR203.75/tonne.

For the calendar month May 12 London wheat was up GBP4.00/tonne and May 12 Paris wheat was EUR3.75/tonne higher.

Following on from the unseasonably warm and dry March here in the UK, April has been the wettest in more than 100 years, with some areas recording three times their normal monthly rainfall, according to the MetOffice.

Western Europe has also turned markedly cooler and wetter, with the BBC forecasting that Eastern Europe will also be following suit by the end of the week. That should temper yield loss fears there too.

Saudi Arabia bought 450,000 MT of hard wheat over the weekend, booking a mixture of Argentine, Australian, Canadian, European and the US origins.

The pound hit a 22-month high, breaching 1.23, against the euro today which will do little to aid our export hopes going forward.

Strong demand in Germany for feed wheat sees milling wheat being sold off as feed, with reports suggesting that a technical nearby shortage means that Romanian and other origin wheat is being shipped in as feed grade.

The market on the continent is rather thin however with Holland closed today and France closed tomorrow for public holidays.

That partly was responsible for Paris May 12 rapeseed going off the board EUR13.25/tonne lower, leaving new crop Aug 12 as the new front month.