Drought fears drive EU wheat to one-year highs

06.07.2010 14:35 "Agro Perspectiva" (Kyiv) — Heightened drought fears lifted wheat prices to fresh one-year highs in London and Paris, as weekend rains proved « often insufficient» to refresh parched French crops, while Russia lowered its harvest forecast. Despite the closure of Chicago’s farm commodity markets for a US national holiday, a void which typically limits movement in Europe, Paris wheat for November √ the best-traded lot — jumped 2.8% to E154.50 a tonne, the highest for a second-in contract since June last year. London wheat for November soared 3.6% to ¸115.00 a tonne, a level not seen in the nearest-but-one contract since mid-July last year. The rises followed disappointment over weekend rain in France, Europe’s top grain producer, which, as in neighbouring Germany and UK, has suffered a dearth of rainfall.

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