EU Grains Close

Posted by Nogger - a legend in his own mind at 20:10 | Categorized as

09/08/11 -- EU grains finished higher with Nov London wheat up GBP3.45/tonne to GBP160.70/tonne and with Nov Paris wheat up EUR3.25/tonne at EUR192.50/tonne.

It was another turnaround Tuesday with wheat both sides of the Channel rebounding from recent significant losses. Clearly the plea for calm from those bastions of morality Messrs Rooney and Ferdinand were sufficient to calm the markets.

European crop concerns centre on Germany for the second year in succession as rains there threaten another wholesale crop downgrade. Further unwanted precipitation is in the forecast for the rest of the week.

Strength was garnered from firmer world stock markets after several days of declines. A little book squaring ahead of Thursday's USDA reports was also a factor.

Still, fears over European and US debt are never going to be far away.

This was duly highlighted after the close of play when the Federal Reserve's latest monthly statement, highlighted the US central bank's limited powers to halt the shakedown, according to Agrimoney.com.