Tuesday, December 11, 2018

EU wheat steady near two-week top as USDA report awaited

This was written yesterday after the close but could be repeated today almost word for word.
Today front Euronext wheat futures traded in an Open High Low range of 204.00    204.50    203.75.
That's pretty steady.
From Reuters, Dec. 10:
Euronext wheat ended little changed on Monday in the run-up to widely followed U.S. government data but improved export sentiment helped keep prices near an earlier two-week high.

Benchmark March milling wheat on the Paris-based Euronext exchange settled 0.25 euro, or 0.1 percent, higher at 204.00 euros ($232.07) a tonne, after earlier rising to 204.50 euros, its highest since Nov. 23.

“Tomorrow’s USDA report provides another reason for the market to stand still,” a futures dealer said. “As long as the 200 euro level holds, there won’t be much selling pressure.”
Grain markets are focusing on Tuesday’s monthly supply-and-demand forecasts from the U.S. Department of Agriculture (USDA).

Euronext had drawn strength from Friday’s rally in U.S. wheat, which climbed 3 percent on the back of strong export figures before easing on Monday....MORE
We'll be back after today's USDA WASDE report.