EU Wheat Mostly Higher To Kickstart The Week

Posted by Nogger - a legend in his own mind at 19:05 | Categorized as

20/02/12 -- EU grains finished mostly higher with front month Mar 12 London wheat up GBP2.50/tonne to GBP166.50/tonne and Mar 12 Paris wheat down EUR0.25/tonne to EUR217.00/tonne.

Crude oil and outside markets rose on optimism that Greece would finally get its bailout money and on news that China had lowered bank reserve requirements over the weekend.

The euro was firmer, helping London wheat gain more than it's Parisian counterpart with America closed for a public holiday.

Another bit of supportive news for wheat this side of the Channel may have been a Defra announcement that much of southern and eastern England is officially in a state of drought.

It's somewhat premature to be talking about crop losses yet, but the nation's students have promised to assist by bathing and brushing their teeth even less frequently than normal.

Saudi Arabia bought a mixture of 330,000 MT of US, Canadian, Australian and European wheat over the weekend without specifying how the order was split.

Ukraine announced that it had exported 62% more grain so far this season, although the majority of that has been corn. Wheat shipments are only up 12.5% whereas corn exports have increased by more than 200%.