EU Wheat Rises Despite FSU Crops Getting Bigger

Posted by Nogger - a legend in his own mind at 10:08 | Categorized as

24/10/11 -- EU grains ended higher with Nov London wheat up GBP1.75/tonne to GBP149.50/tonne and Nov Paris wheat climbing EUR1.00/tonne to EUR188.75/tonne.

Optimism of a resolution of sorts to the European debt crisis led to bargain hunting and short-covering,

Crops in the FSU continue to grow with Russia's grain harvest now approaching the 95 MMT mark off 95.3% pf the planted area - more than 55% up on last season.

Kazakhstan meanwile has harvested a grain crop of 28.8 MMT in bunker weight, which suggests a wheat crop of around 22 MMT, which is 3 MMT more than the current USDA estimate.

Ukraine has harvested 47.3 MMT of it's grain crop so far off 90% of the planted area and Egypt has said that it will allow imports of Ukraine wheat for the first time since 2008.