HB FRANKFURT. The heat wave in Western Europe, and heavy rain in eastern Europe have influence on grain prices . The renowned cereal journal "Strategy Grains lowered on Thursday its monthly crop estimates for the European Union. " This is the end of the ripening period in Europe together with a heat wave in Western Europe and unusually heavy rains in eastern Europe , which will lead to a significant reduction of the estimated harvest in both parts of the EU, " the analysts put down the magazine.
Especially in Germany, the Benelux countries, France , Poland and Britain threatened the heat wave in the harvest. Bulgaria , Hungary and Romania on the other hand suffered under the extremely humid weather. Bulgaria’s government on Thursday lowered its estimates for the grain harvest to 3.5 million tons of previously estimated 4.0 million tonnes. "Strategy Grains expects " and barley and maize harvest with a lower volume.
On Euronext Paris landmark grain futures rose more due in November by 4.5 percent to a Kontrakthoch from 174 € per tonne.
In the industrial metals caused the disillusionment of China’s economy , especially for the copper price discounts , the discounted by up to 1.8 percent, to $ 6,603 per tonne. China’s hunger for this is especially true in the construction of required metal as a key reason for the massive price recovery . China’s economy was in the second quarter with 10.3 percent growth in gross domestic product grew more slowly than in the previous quarter with 11.9 percent. However, not only in China do not grow the trees in the sky: "The pace of economic recovery can be after the world , "said one market players . The show , first published on the Wednesday evening session minutes of the Fed and the weak data on U.S. retail , which were also published on Wednesday.
The price of oil was first to show up for lunch but recovered . A barrel (159 liters ) of the U.S. Leichtölsorte WTI cost $ 77.50 with 0.6 percent more than Wednesday, Brent North Sea oil is also more expensive by 0.6 percent to $ 77.20 .