EU Wheat Closes Higher
EU wheat futures confounded the "world is awash with wheat" brigade by closing sharply higher Tuesday.
November Paris milling wheat closed up EUR1.75 at EUR125.25/tonne, whilst London November feed wheat traded up GBP2.05 at GBP100.65/tonne.
Certainly a very poor performance by the pound helped support London wheat today.
EU farmers don't much care for the look of current bids and are busy planting rather than selling at the moment.
Still, consumers have seen wheat prices come down a very long way since the beginning of June and are in no mood to capitulate just yet, despite recent price rises.
It still seems like winter wheat plantings in western Europe will be higher for the 2010 harvest, but things could be markedly different elsewhere.
Most parts of the UK appear to have had a much-needed very good soaking of rain over the last 24 hours.
November Paris milling wheat closed up EUR1.75 at EUR125.25/tonne, whilst London November feed wheat traded up GBP2.05 at GBP100.65/tonne.
Certainly a very poor performance by the pound helped support London wheat today.
EU farmers don't much care for the look of current bids and are busy planting rather than selling at the moment.
Still, consumers have seen wheat prices come down a very long way since the beginning of June and are in no mood to capitulate just yet, despite recent price rises.
It still seems like winter wheat plantings in western Europe will be higher for the 2010 harvest, but things could be markedly different elsewhere.
Most parts of the UK appear to have had a much-needed very good soaking of rain over the last 24 hours.