EU Wheat Closing Comments
EU wheat futures closed with very little change Friday with Paris January milling wheat up EUR0.25 at EUR128.25/tonne, and London January feed wheat up GBP0.20 at GBP104.20/tonne.
The trade appears to be slipping quietly into festive mode, and it seems unlikely that there will be much in the way of action now until 2010.
Heavy snow fell across large areas of western Europe Thursday/Friday, with widespread coverage down the eastern side of the UK. That will help protect winter wheat from frost as temperatures dip below freezing.
Snow also fell in eastern Europe and Ukraine, easing winterkill concerns in some areas.
Export business is slow with the UK only managing to ship 582,000 MT of wheat and 323,000 MT of barley in the first four months of the marketing year. The EU has only granted export licences for 7.8 MMT of soft wheat 24 weeks into the MY, 28% down on the 10.8 MMT granted at the same time last year.
Strategie Grains say that the EU-27 will produce 3.6 MMT more soft wheat in 2010 than we did this year, and 1.9 MMT of that will come from the UK. EU-27 barley output is seen down 3 MMT, and corn production up 1.7 MMT. Durum wheat output is also seen higher, up 500,000 MT.
The trade appears to be slipping quietly into festive mode, and it seems unlikely that there will be much in the way of action now until 2010.
Heavy snow fell across large areas of western Europe Thursday/Friday, with widespread coverage down the eastern side of the UK. That will help protect winter wheat from frost as temperatures dip below freezing.
Snow also fell in eastern Europe and Ukraine, easing winterkill concerns in some areas.
Export business is slow with the UK only managing to ship 582,000 MT of wheat and 323,000 MT of barley in the first four months of the marketing year. The EU has only granted export licences for 7.8 MMT of soft wheat 24 weeks into the MY, 28% down on the 10.8 MMT granted at the same time last year.
Strategie Grains say that the EU-27 will produce 3.6 MMT more soft wheat in 2010 than we did this year, and 1.9 MMT of that will come from the UK. EU-27 barley output is seen down 3 MMT, and corn production up 1.7 MMT. Durum wheat output is also seen higher, up 500,000 MT.