EU Wheat Ends Firmer On Currency
May Paris milling wheat closed up EUR0.80 at EUR140/tonne, and with London May feed wheat ending up GBP1.60 at GBP112/tonne.
A stronger dollar, and weak pound, enabled EU futures to move a little higher, although traders are conscious that Black Sea wheat still has the competitive export edge given the acute weakness of the Russian and Ukraine currencies.
Worries over the potential impact of drought in the US remain, especially as plantings there are already sharply lower for the coming crop.
There are question marks too over the size of EU and FSU production this year, particularly with reduced fertiliser applications seeming likely.
India has said that it may have a late season problem with yellow fungus, which may cut yields there in it's soon to be harvested crop.
A stronger dollar, and weak pound, enabled EU futures to move a little higher, although traders are conscious that Black Sea wheat still has the competitive export edge given the acute weakness of the Russian and Ukraine currencies.
Worries over the potential impact of drought in the US remain, especially as plantings there are already sharply lower for the coming crop.
There are question marks too over the size of EU and FSU production this year, particularly with reduced fertiliser applications seeming likely.
India has said that it may have a late season problem with yellow fungus, which may cut yields there in it's soon to be harvested crop.