EU Grains Closing Comments
May London wheat closes GBP0.30 higher at GBP104.00/tonne, May Paris wheat ends EUR0.50lower at EUR130.50/tonne. Aug Paris rapeseed ends EUR1.50 higher at EUR303.00/tonne, and Jun Paris corn EUR0.50 lower at EUR143.25/tonne.
A dry April was somewhat broken over the weekend, although some parts of Europe could still do with more rain. Early crop production forecasts are tending to err on the side of caution, with marginally lower output currently seen from the leading EU-27 producers like France, Germany and Poland.
It's still early days yet though, with 2009/10 wheat and OSR production in particular finishing sharply higher in those countries than was estimated this time twelve months ago.
The currency markets are also a major feature at the moment, with the euro and sterling both looking weak. That should help underpin further weakness of EU grains.
The pound looks set to remain volatile ahead of the impending election.
A dry April was somewhat broken over the weekend, although some parts of Europe could still do with more rain. Early crop production forecasts are tending to err on the side of caution, with marginally lower output currently seen from the leading EU-27 producers like France, Germany and Poland.
It's still early days yet though, with 2009/10 wheat and OSR production in particular finishing sharply higher in those countries than was estimated this time twelve months ago.
The currency markets are also a major feature at the moment, with the euro and sterling both looking weak. That should help underpin further weakness of EU grains.
The pound looks set to remain volatile ahead of the impending election.