EU Wheat Closing Comments
EU wheat futures closed mixed again Friday, with London wheat mostly a little higher and Paris wheat generally a tad lower.
November London wheat closed GBP0.25 higher at GBP101/tonne, with November Paris wheat EUR0.25 lower at EUR136.50/tonne.
London wheat was supported by a weak sterling, whilst Paris wheat suffered from a euro that was modestly higher.
The pound fell after data showed that UK manufacturing unexpectedly weakened in April.
Brussels this week granted licenses to export 394,000 MT of soft wheat, bringing the total awarded this year to 16.8 MMT, compared to 21 MMT last year.
Even so this figure is better than expected, and confirms the competitiveness of European origin wheat on the international stage due to current euro weakness.
The USDA yesterday cut EU-27 wheat production by more than 2 MT citing excessive May rainfall was in Poland, Slovakia, and Hungary.
Weather conditions of late seem to have potentially improved wheat output potential in the UK, France and Germany.
November London wheat closed GBP0.25 higher at GBP101/tonne, with November Paris wheat EUR0.25 lower at EUR136.50/tonne.
London wheat was supported by a weak sterling, whilst Paris wheat suffered from a euro that was modestly higher.
The pound fell after data showed that UK manufacturing unexpectedly weakened in April.
Brussels this week granted licenses to export 394,000 MT of soft wheat, bringing the total awarded this year to 16.8 MMT, compared to 21 MMT last year.
Even so this figure is better than expected, and confirms the competitiveness of European origin wheat on the international stage due to current euro weakness.
The USDA yesterday cut EU-27 wheat production by more than 2 MT citing excessive May rainfall was in Poland, Slovakia, and Hungary.
Weather conditions of late seem to have potentially improved wheat output potential in the UK, France and Germany.