Prices 16/6/17

Category:
160617

You know some day’s I just sit here and scratch my head and wonder where the authors of some of these market wires live.
The first thing I read this morning is how hot, dry conditions in parts of Europe and the Black Sea are leading the wheat market higher. Now it’s high summer in Europe, so you may expect to see conditions start to warm and parts of the far south of France and Nth of Spain have crept into the low 30’s but generally temperatures are pretty much in the mid 20’s. Some parts of southern SpainĀ  will get hot, their durum area as it is, this area was already hurt by drought earlier in the season, harvested in May.
Over around the Black Sea temperatures are closer to the mid 20’s and as mentioned yesterday the last 30 days have basically been too wet there. Maybe they meant to say Australia, their Americans, it’s likely they got Austria and Australia mixed up and WA is leading the race to drought status.
At the end of the night Chicago wheat lead the three US wheat contracts higher. Paris milling wheat was up 3/4 of a Euro while the London feed wheat contract was back 0.35 Euro. It does appear to be a weather market, they just don’t appear to be able to decide who’s weather it is driving this fund short liquidation at present.
Lanworth pegged the Aussie wheat crop at 23.2mt overnight, 1mt lower than this week’s ABARES number.

TAGS: