RSS
Twitter
Linked In
News In
Markets
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Evening markets: EU wheat sidesteps US blast

Twitter Linkedin

Global trade in crops marched to Washington's tune on Friday, after the release US Department of Agriculture's latest crop supply and demand report.

And much of it made better reading sat abroad that in Chicago.

Non-US wheat producers could draw some comfort from a reviving dollar after the USDA talked of rising global production, and increasing competition in export markets. A rising dollar makes US exports less competitive against those from, say, Europe.

Indeed, America is going to be left with a stack of unsold grain in 2009-10, with stocks rocketing 32% to 23.5m tonnes.

Exchange rate factor

So in Paris, a weaker euro helped wheat prices overcome much of their disappointment to end down E1.00 at E125.25 a tonne, E1.25 above their day low. The euro slipped 0.6% to $1.4698, down more than 1 cent in a day.

London wheat, which fell back below a ton a tonne at one point, ended flat at £101.00 a tonne, helped by a 0.7% drop in sterling to $1.5691.

"The exchange rate has kept UK wheat competitive," Hugh Schryver, at Glencore, said.

Rape, meanwhile, could draw from the positives in the USDA's soybean data, which raised forecasts for US production, but not by as much as the market had expected.

Paris rapeseed for November ended up E1.25 at E261.25 a tonne, taking its gains over the last four days to a respectable E6.50.

By Agrimoney.com

Twitter Linkedin
Related Stories

Morning markets: Grains stage a recovery. Will it last?

Corn, soybean and wheat futures start Wednesday making headway which has been difficult to come by of late. Cotton gains too

Evening markets: ags overlook crumbs of comfort in Wasde to set fresh historic low

The Bcom ag commodity subindex ends at a fresh record low, as US export fears overtake upbeat interpretations of corn, cotton estimate revisions

Abares lifts hopes for sugar futures, but cuts its cotton price forecast

A downgrade to Australia curtails an upgrade in world sugar output expectations. But for cotton, Abares ditches ideas of a global production deficit

Evening markets: Ags poop party lifting other commodities, shares

Wheat futures set another contract low, while arabica coffee hits its weakest close but one in 19 months, despite buying in other asset classes
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069