August 3, 2009
EU wheat futures up on light consumer buying
European wheat futures trade higher Friday (Jul 31) on light consumer buying.
"The market seems to have bottomed for now but good yields will keep the pressure on," said a London-based broker.
Paris November milling wheat closed up EUR0.50, or 0.4 percent, at EUR135.50 a tonne, with 3,447 lots moved. London November feed wheat ended up GBP0.25, or 0.2 percent, at GBP103.00/ton, with 268 lots moved.
The markets were steady throughout the session as end of month book-squaring activity lent support.
The UK wheat harvest may be subject to weather delays with more patchy rain forecast over the weekend, said the London-based broker.
France's sale of wheat to Egypt Thursday (Jul 30) was at price levels which reflected the country's need to clear storage space for the new crop, said brokers.
Standard-quality wheat prices in the French cash market delivered at Rouen rose EUR1 from Thursday to EUR126/tonne.
After several sessions of sharp rises, Paris rapeseed is looking oversold, especially taking into consideration the good yields in France, Germany and the UK, said the London-based broker.
Liffe's Paris November rapeseed traded up EUR2.50, or 0.9 percent, at EUR268.00/tonne with 1,644 lots traded. Paris November corn traded down EUR2.25/tonne, or 1.8 percent, at EUR125.75/tonne with 377 lots moved.
