EU Wheat Futures Mixed, Mostly Lower
EU wheat futures are mixed, mostly lower, in a quiet low-volume morning session on the Liffe/Euronext market.
Activity in London largely centres around rolling forward positions ahead of first-tender day for the November contract next week.
Paris November milling wheat -EUR1.50 at EUR143.25/tonne. London November feed wheat -GBP0.50, or 0.65, at GBP89.50/tonne.
Yesterday's news that Egypt bought 175,000 tonnes of French wheat is adding some support, in the hope that prices have now fallen sufficiently for EU wheat to be competitive against US and Black Sea origin grain.
The euro and sterling, which had a terrible start to week against the dollar, appear to have arrested that slide for now. However, both currencies look vulnerable to further depreciation against a resurgent dollar. This too would help maintain a competitive edge on the export front.
Activity in London largely centres around rolling forward positions ahead of first-tender day for the November contract next week.
Paris November milling wheat -EUR1.50 at EUR143.25/tonne. London November feed wheat -GBP0.50, or 0.65, at GBP89.50/tonne.
Yesterday's news that Egypt bought 175,000 tonnes of French wheat is adding some support, in the hope that prices have now fallen sufficiently for EU wheat to be competitive against US and Black Sea origin grain.
The euro and sterling, which had a terrible start to week against the dollar, appear to have arrested that slide for now. However, both currencies look vulnerable to further depreciation against a resurgent dollar. This too would help maintain a competitive edge on the export front.