Peas Worry About Weather
PANAMA - Jun 11/16 - SNS -- International field pea markets are somewhat concerned about the status of this year's field pea crops in France and Russia because of excess rains, which have already seen markets build in risk premiums for wheat.
Both spot and new crop field pea markets are already at premiums to wheat, suggesting field pea price movement over the near term could be more moderate than for grains.
Commenting on the situation with respect to wheat, Benson Quinn Commodities said, "Given the wet forecast offered many key EU wheat growing regions over the course of the next couple of weeks, the concerns about quality will remain intact. . . .
"EU milling wheat futures were also higher on Wednesday, with some in the trade questioning when the natural seller gets back in the game. . . . The wheat shorts are in the red with the rally in Chicago and Kansas City contracts over the past four sessions, and the technical moves in the market are forcing short covering."
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