EU Wheat Ends Lower On Egypt News, US Futures
EU wheat closed lower Wednesday on news that Russia had yet again usurped Europe and the rest of the world, mopping up 200,000mt of export business to Egypt.
A late sharp fall in US futures also dragged EU grains lower. Paris May milling wheat closed down EUR1.75 at EUR138.25/tonne, with London November feed wheat ending down GBP0.25 at GBP124.00/tonne.
Russia continues to be a thorn in the side of European and US wheat, having been the cheapest origin for a sale of 200,000mt to Syria last week. The same destination is back in the market for 200,000mt again and it will be a major surprise if Russia doesn't get the order again.
UK wheat was higher for a large part of the day after news emerged that unemployment had risen above 2 million sent the pound spinning. A very late sell-off on the dollar as the Fed announced new quantitative easing measures was however enough to send UK futures into negative territory.
A late sharp fall in US futures also dragged EU grains lower. Paris May milling wheat closed down EUR1.75 at EUR138.25/tonne, with London November feed wheat ending down GBP0.25 at GBP124.00/tonne.
Russia continues to be a thorn in the side of European and US wheat, having been the cheapest origin for a sale of 200,000mt to Syria last week. The same destination is back in the market for 200,000mt again and it will be a major surprise if Russia doesn't get the order again.
UK wheat was higher for a large part of the day after news emerged that unemployment had risen above 2 million sent the pound spinning. A very late sell-off on the dollar as the Fed announced new quantitative easing measures was however enough to send UK futures into negative territory.