LIFFE wheat opens GBP0.50 lower Thurs
London feed wheat has opened with Nov down 50p to GBP136/tonne.
Japan has bought 153,000MT in a tender overnight, 46,000MT from Canada, 21,000MT from Australia and the remaining 86,000MT from the US.
Whilst the news is mildly supportive, Japan tenders routinely for wheat on a weekly basis and there are "no great surprises here" a trader said.
"The market is (still) weak in general, we are looking at a huge volume of grain on the horizon," said an European trader. "We are sitting looking at potentially 20 million-25 million tons more wheat (in the European Union) this year."
Japan has bought 153,000MT in a tender overnight, 46,000MT from Canada, 21,000MT from Australia and the remaining 86,000MT from the US.
Whilst the news is mildly supportive, Japan tenders routinely for wheat on a weekly basis and there are "no great surprises here" a trader said.
"The market is (still) weak in general, we are looking at a huge volume of grain on the horizon," said an European trader. "We are sitting looking at potentially 20 million-25 million tons more wheat (in the European Union) this year."