EU Wheat Mixed In Quiet Trade
EU wheat closed the week narrowly mixed in another very quiet trading session Friday.
March Paris milling wheat futures closed down EUR0.50 at EUR133.50/tonne, and London May feed wheat futures ended up GBP0.20 at GBP112.70/tonne.
Trading in London was particularly light, with less than fifty lots traded all day. An assortment of trade functions Thursday/Friday have been keeping traders away form their desks for much of the past two days.
A weaker tone to the US market in the absence of fund support this week has also added a little bit of downwards pressure.
In short, there doesn't seem like there will be much activity now until the new year, and we will probably see futures trade only EUR1-GBP1/day either way until after Christmas.
After that London wheat's best hopes of a price increase rest on a significant pick-up in demand. This is going to have to come from the bioethanol sector and/or a sharp decline in the value of the pound.
March Paris milling wheat futures closed down EUR0.50 at EUR133.50/tonne, and London May feed wheat futures ended up GBP0.20 at GBP112.70/tonne.
Trading in London was particularly light, with less than fifty lots traded all day. An assortment of trade functions Thursday/Friday have been keeping traders away form their desks for much of the past two days.
A weaker tone to the US market in the absence of fund support this week has also added a little bit of downwards pressure.
In short, there doesn't seem like there will be much activity now until the new year, and we will probably see futures trade only EUR1-GBP1/day either way until after Christmas.
After that London wheat's best hopes of a price increase rest on a significant pick-up in demand. This is going to have to come from the bioethanol sector and/or a sharp decline in the value of the pound.