EU Wheat Close
Nov London wheat closed GBP1.95 lower at GBP154.50/tonne, with Nov Paris wheat EUR2.00 down at EUR208.75/tonne.
It could have been, and indeed was at one stage, a lot worse. London wheat fell as low as GBP151.00/tonne and Paris wheat touched EUR201.25/tonne at one point earlier in the day.
Month and quarter-end book-squaring and/or profit-taking was likely a feature today. What we don't know is whether spec money will be back re-entering the market next month. Today's price action suggest that it possibly will.
The pound fell below 1.16 against the euro, as the UK currency remained friendless on the outlook for more QE and inflation staying steadfastly above target levels.
The National Australia Bank upped their 2010 wheat crop estimate to 23.8 MMT. Conditions have also improved in eastern Ukraine and parts of the Volga region of Russia to encourage further winter planting progress.
The market is cautious ahead of tomorrow's USDA grain stocks and export sales reports.
It could have been, and indeed was at one stage, a lot worse. London wheat fell as low as GBP151.00/tonne and Paris wheat touched EUR201.25/tonne at one point earlier in the day.
Month and quarter-end book-squaring and/or profit-taking was likely a feature today. What we don't know is whether spec money will be back re-entering the market next month. Today's price action suggest that it possibly will.
The pound fell below 1.16 against the euro, as the UK currency remained friendless on the outlook for more QE and inflation staying steadfastly above target levels.
The National Australia Bank upped their 2010 wheat crop estimate to 23.8 MMT. Conditions have also improved in eastern Ukraine and parts of the Volga region of Russia to encourage further winter planting progress.
The market is cautious ahead of tomorrow's USDA grain stocks and export sales reports.