EU Wheat Ends Around Unchanged Tuesday
EU wheat futures closed around unchanged Tuesday in stark comparison to what was going on in US markets late in the European trading session.
Paris November milling wheat closed unchanged at EUR140.50/tonne, whilst London November feed wheat also closed flat at GBP111.75/tonne.
In Chicago however things were quite different with soybeans crashing close to limit down on fund liquidation.
That will almost certainly spill over into European futures trade in the morning, especially for rapeseed. Wheat and corn in the US only posted relatively modest losses, so that may not affect EU wheat too much.
Whilst the wheat harvest is underway in Russia and Ukraine, reports coming out of these countries are mixed with yields and also quality variable.
Eventual production numbers want closely monitoring, as there is a pretty wide disparity between the bottom and top end of trade estimates for Russian grain production in particular.
Consumers are still predicting harvest pressure, whilst producers are still eyeing the big carry premiums.
Paris November milling wheat closed unchanged at EUR140.50/tonne, whilst London November feed wheat also closed flat at GBP111.75/tonne.
In Chicago however things were quite different with soybeans crashing close to limit down on fund liquidation.
That will almost certainly spill over into European futures trade in the morning, especially for rapeseed. Wheat and corn in the US only posted relatively modest losses, so that may not affect EU wheat too much.
Whilst the wheat harvest is underway in Russia and Ukraine, reports coming out of these countries are mixed with yields and also quality variable.
Eventual production numbers want closely monitoring, as there is a pretty wide disparity between the bottom and top end of trade estimates for Russian grain production in particular.
Consumers are still predicting harvest pressure, whilst producers are still eyeing the big carry premiums.