July 3, 2012

EU wheat, rapeseed futures record new highs as US crops weaken



As hot, dry weather put further stress on US crops, EU milling wheat and rapeseed futures hit contract highs on Monday (July 2).


"The situation remains very worrying and the next step are the (US) crop ratings which are not going to improve," one European trader said.


"We will monitor what happens at Chicago this afternoon as Europe is tracking CBOT. Prices have risen so much in the past few days that we have to be careful as panic could ease," he added.


November milling wheat rose more than 2% to a contract high of EUR231.75 (US$292) a tonne before falling back at EUR230.50 (US$291) by 1227 GMT. August rapeseed added nearly 2% to reach a contract high of EUR498.50 (US$628) a tonne before slipping back to EUR494.75 (US$623).

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