EU Wheat Closes Mixed
EU wheat futures closed mixed Monday with London November feed wheat up GBP1.10/tonne at GBP105.10/tonne and Paris November milling wheat down EUR1.25 at EUR125.50/tonne.
There wasn't a lot of fresh news to start the week. German analysts FO Licht pegged global wheat production at 666.69 MT, in line with other estimates from the USDA and IGC.
A sharply weaker US dollar was a negative factor today, although there might have been some nervousness ahead of tomorrow's USDA crop production report.
We still have a stand-off between reluctant sellers and comfortable buyers.
Outside markets were supportive, with gold hitting fresh all-time highs, and stocks also posting gains.
The Argentine harvest is just about underway at around 7% done, whilst in Australia an estimated 25% of the wheat crop has been cut.
In Eastern Europe early reports suggest that winter wheat sowing has been reduced due to a combination of dryness and lack of credit. Current low prices have also discouraged some planting it seems.
In Ukraine exports continue to run at a record pace, despite a sharp 20% fall in production this year, with 9.5 MMT of grain (5.1 MMT of it wheat) exported as of last Friday.
There wasn't a lot of fresh news to start the week. German analysts FO Licht pegged global wheat production at 666.69 MT, in line with other estimates from the USDA and IGC.
A sharply weaker US dollar was a negative factor today, although there might have been some nervousness ahead of tomorrow's USDA crop production report.
We still have a stand-off between reluctant sellers and comfortable buyers.
Outside markets were supportive, with gold hitting fresh all-time highs, and stocks also posting gains.
The Argentine harvest is just about underway at around 7% done, whilst in Australia an estimated 25% of the wheat crop has been cut.
In Eastern Europe early reports suggest that winter wheat sowing has been reduced due to a combination of dryness and lack of credit. Current low prices have also discouraged some planting it seems.
In Ukraine exports continue to run at a record pace, despite a sharp 20% fall in production this year, with 9.5 MMT of grain (5.1 MMT of it wheat) exported as of last Friday.