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European Wheat Comments – February 17, 2012 - INTL FCStone Blog
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European Wheat Comments – February 17, 20122/17/2012 8:10 AM

Optimism over the Greek debt situation helped push markets higher yesterday, while the Euro fell for much of the session. It did manage to close above the 1.30 area, but the fall was supportive of Paris Wheat prices which rose €3.75 to close at €212.75 for March, while May closed up €0.50 to settle at €206.00. It is believed that the recent cold snap over Europe in recent days will not have caused as much crop damage as previously thought while it is believed that EU exports will be curtailed for the rest of the year due to the resurgence of U.S. wheat as opposed to the more expensive Paris wheat. Egypt bought 180,000 MT of U.S. wheat yesterday. Technically we are still consolidating off of the move from the higher in recent weeks and we again look for a break above €208.00 for May or below €203.00.

Jaime Miralles