EU Wheat Ends Slightly Lower
EU wheat futures closed marginally lower Monday with Paris November milling wheat down EUR0.25 at EUR122.75/tonne, and London November May feed wheat down GBP0.35 at GBP98.65/tonne.
There was little in the way of fresh news around to give the markets any new direction. farmers remain reluctant sellers and buyers are content to sit and wait for another push lower.
Export orders are few and far between, and Black Sea and Danish wheat remain very competitive.
UK wheat has benefited recently from a pound under pressure, lower production numbers from the NFU than had been anticipated and some short-covering. That has pushed prices up by around GBP7-8/tonne from recent lows, but it should be noted that it has nothing to do with demand.
The USDA will report on US wheat stocks and production on Wednesday, it seems unlikely that they will provide any further direction than we have already.
What UK and EU growers have to decide now is what to plant this winter. At home more wheat, more rape and less barley is what many pundits are forecasting.
There was little in the way of fresh news around to give the markets any new direction. farmers remain reluctant sellers and buyers are content to sit and wait for another push lower.
Export orders are few and far between, and Black Sea and Danish wheat remain very competitive.
UK wheat has benefited recently from a pound under pressure, lower production numbers from the NFU than had been anticipated and some short-covering. That has pushed prices up by around GBP7-8/tonne from recent lows, but it should be noted that it has nothing to do with demand.
The USDA will report on US wheat stocks and production on Wednesday, it seems unlikely that they will provide any further direction than we have already.
What UK and EU growers have to decide now is what to plant this winter. At home more wheat, more rape and less barley is what many pundits are forecasting.