EU Wheat Nudges A Little Higher
EU wheat futures continued to nudge a little higher Wednesday, despite a lower US dollar, with January Paris milling wheat futures closing up EUR1.25 at EUR131.75/tonne, and London Jan feed wheat trading up GBP0.60 at GBP106.70/tonne.
The French 2009/10 all wheat crop is 38.66 MMT, according to FranceAgrimer, a modest decrease of 1.4% on last season's 39.21 MMT.
Ending stocks will rise slightly to 3.58 MMT, up from 3.1 MMT at the end of 2008/09, they said.
US weather forecasts aren't as friendly for next week as they were a few days ago. Rain is seen returning early next week before a second system arrives November 13 and a third November 16, according to QT Weather.
That will continue to cause problems, particularly for US SRW plantings which could be 20-25% lower this season, according to some reports.
Egypt's state-owned wheat buyer GASC is tendering to buy wheat of various origins this week. The Philippines are also in the market, following severe crop damage due to typhoons hitting the region late September and early October.
Crude oil rose back above USD80/barrel after US inventories surprisingly fell last week, according to data from the US Energy Dept.
The French 2009/10 all wheat crop is 38.66 MMT, according to FranceAgrimer, a modest decrease of 1.4% on last season's 39.21 MMT.
Ending stocks will rise slightly to 3.58 MMT, up from 3.1 MMT at the end of 2008/09, they said.
US weather forecasts aren't as friendly for next week as they were a few days ago. Rain is seen returning early next week before a second system arrives November 13 and a third November 16, according to QT Weather.
That will continue to cause problems, particularly for US SRW plantings which could be 20-25% lower this season, according to some reports.
Egypt's state-owned wheat buyer GASC is tendering to buy wheat of various origins this week. The Philippines are also in the market, following severe crop damage due to typhoons hitting the region late September and early October.
Crude oil rose back above USD80/barrel after US inventories surprisingly fell last week, according to data from the US Energy Dept.