EU Wheat Ends Lower
EU wheat futures closed mostly lower with Paris March milling wheat flat at EUR146.25/tonne, and London May feed wheat closing down EUR1.35 at EUR117.75/tonne.
The euro was weaker against the dollar which helped support Paris wheat, whilst the pound was stronger against the dollar which depressed UK prices.
French origin wheat also picked up a 180,000mt order from Egypt which was supportive.
Pakistan bought over 400,000mt optional origin wheat but it is unlikely that any of this will come from the EU.
Still, it is encouraging to see some decent export orders on the table.
Whilst Argentine rains have come too late to help the wheat crop, there may be some benefit to be derived for corn & soybeans.
Drought in China and the US is also a concern for 2009 wheat crops.
The euro was weaker against the dollar which helped support Paris wheat, whilst the pound was stronger against the dollar which depressed UK prices.
French origin wheat also picked up a 180,000mt order from Egypt which was supportive.
Pakistan bought over 400,000mt optional origin wheat but it is unlikely that any of this will come from the EU.
Still, it is encouraging to see some decent export orders on the table.
Whilst Argentine rains have come too late to help the wheat crop, there may be some benefit to be derived for corn & soybeans.
Drought in China and the US is also a concern for 2009 wheat crops.