EU Wheat Closing Comments
May London wheat ends GBP0.30 higher at GBP101.90/tonne, May Paris wheat up EUR0.75 at EUR132.25/tonne.
The market has risen quite a bit in the past few weeks, GBP5.15/tonne in the case of London wheat so far this month and EUR6.50/tonne for Paris May milling wheat since March 31st.
Exactly why is a bit of conundrum. The fundamentals haven't changed a lot, if at all really. Sellers seem more reluctant to sell, and buyers more inclined to buy simply seems to sum it up.
UK exports are running at 1.4 MMT to the end of Feb, Defra said today. We should easily see us surpass the 2009/10 target of 2.2 MMT, given that Mar/Apr exports will be pretty substantial.
Defra released some pretty misleading stocks figures today, comparing Feb 2010 with March 2009. At first glance the numbers look bearish, but when you realise that you are not comparing like with like, then they aren't as bearish as they might seem.
The association of German farming cooperatives (DRV) forecast the 2010 winter wheat crop there around 2% lower at 24.59 MMT.
The market has risen quite a bit in the past few weeks, GBP5.15/tonne in the case of London wheat so far this month and EUR6.50/tonne for Paris May milling wheat since March 31st.
Exactly why is a bit of conundrum. The fundamentals haven't changed a lot, if at all really. Sellers seem more reluctant to sell, and buyers more inclined to buy simply seems to sum it up.
UK exports are running at 1.4 MMT to the end of Feb, Defra said today. We should easily see us surpass the 2009/10 target of 2.2 MMT, given that Mar/Apr exports will be pretty substantial.
Defra released some pretty misleading stocks figures today, comparing Feb 2010 with March 2009. At first glance the numbers look bearish, but when you realise that you are not comparing like with like, then they aren't as bearish as they might seem.
The association of German farming cooperatives (DRV) forecast the 2010 winter wheat crop there around 2% lower at 24.59 MMT.