EU Wheat Grinds Lower
EU wheat futures closed lower Tuesday with Nov Paris milling wheat down EUR0.75 and Nov London feed wheat down £1/tonne.
Persistent rain, particularly in the UK, continues to threaten wheat quality & is pushing feed wheat lower relative to milling grade wheats.
In the UK nearby availability is also being affected with spot material commanding some hefty premiums according to some.
Certainly anything that has been cut this last week or two is likely to be high in moisture and will need careful handling & drying.
The USDA raised it's global 2008-09 wheat crop forecast by 6.5 million tonnes from last month to a record-high 670.8 million tonnes. EU-27 output was increased 1.5mmt.
Persistent rain, particularly in the UK, continues to threaten wheat quality & is pushing feed wheat lower relative to milling grade wheats.
In the UK nearby availability is also being affected with spot material commanding some hefty premiums according to some.
Certainly anything that has been cut this last week or two is likely to be high in moisture and will need careful handling & drying.
The USDA raised it's global 2008-09 wheat crop forecast by 6.5 million tonnes from last month to a record-high 670.8 million tonnes. EU-27 output was increased 1.5mmt.