EU Wheat Futures Closed Narrowly Mixed
EU wheat futures closed narrowly mixed Tuesday with March Paris milling wheat ending unchanged at EUR134.25/tonne, and London March feed wheat futures trading up GBP0.80 at GBP111.25/tonne.
The much touted arrival of fund money into the buying arena has largely failed to materialise just yet, although it is only day two of 2010 as far as trading is concerned.
The funds will be in by the end of the week, according to various popular media sources. Lets hope they are, because there is precious little else to support the markets in the medium/longer term.
Short term however, we do have the little added bonus of some very cold weather and lots of snow across Europe and the UK. The BBC tonight report temperatures down to -25C in Poland, and the worst snowfall in the UK in 30 years.
The long awaited opening of the Ensus refinery on Teesside appears to have been delayed again. No it isn't owned by British Rail, but we do seem to be having the wrong type of snow. It's the white stuff that falls from the sky that they don't like apparently.
So every cloud brings a snowy lining, or something like that. The cold weather is increasing feed demand, but slowing bioethanol demand (if you can reduce it from no demand whatsoever that is). It may also be decreasing potential wheat output next season, but at this stage it's far too early to say.
The much touted arrival of fund money into the buying arena has largely failed to materialise just yet, although it is only day two of 2010 as far as trading is concerned.
The funds will be in by the end of the week, according to various popular media sources. Lets hope they are, because there is precious little else to support the markets in the medium/longer term.
Short term however, we do have the little added bonus of some very cold weather and lots of snow across Europe and the UK. The BBC tonight report temperatures down to -25C in Poland, and the worst snowfall in the UK in 30 years.
The long awaited opening of the Ensus refinery on Teesside appears to have been delayed again. No it isn't owned by British Rail, but we do seem to be having the wrong type of snow. It's the white stuff that falls from the sky that they don't like apparently.
So every cloud brings a snowy lining, or something like that. The cold weather is increasing feed demand, but slowing bioethanol demand (if you can reduce it from no demand whatsoever that is). It may also be decreasing potential wheat output next season, but at this stage it's far too early to say.