EU Wheat: All The Patients Are Sick, Who Is Going To Die First?
EU wheat futures closed lower amidst a general air of despondency and depression.
Paris March milling wheat ended down EUR2.25 at EUR141.75/tonne, and London May feed wheat closed down GBP1.25 at GBP112.25/tonne.
A dearth of fresh positive news for wheat, combined with another day of "bad news" was sufficient to drag futures into negative territory with harvesting in Pakistan and India only days away.
Russia remains the most aggressive seller in town, with what seems to be an almost inexhaustible supply of wheat to service any export order going.
The ongoing crisis in the financial markets is again weighing on agri futures as investors lose their appetite to put money into just about anything.
Talk of various EU countries requiring further massive financial assistance, and possibly even going bust are keeping the markets very nervous and cautious.
The best hope for EU wheat in the near term is a wholesale weakening of the pound and euro against the dollar. And that is certainly not out of the question. All the patients are sick, the question now is who is going to die first?
Paris March milling wheat ended down EUR2.25 at EUR141.75/tonne, and London May feed wheat closed down GBP1.25 at GBP112.25/tonne.
A dearth of fresh positive news for wheat, combined with another day of "bad news" was sufficient to drag futures into negative territory with harvesting in Pakistan and India only days away.
Russia remains the most aggressive seller in town, with what seems to be an almost inexhaustible supply of wheat to service any export order going.
The ongoing crisis in the financial markets is again weighing on agri futures as investors lose their appetite to put money into just about anything.
Talk of various EU countries requiring further massive financial assistance, and possibly even going bust are keeping the markets very nervous and cautious.
The best hope for EU wheat in the near term is a wholesale weakening of the pound and euro against the dollar. And that is certainly not out of the question. All the patients are sick, the question now is who is going to die first?