Hello to All. Exist the following News: http://www.agrimoney.com/news/paris-wheat-spikes-leading-rally-in-wheat-prices--3124.html Paris wheat spikes, leading rally in wheat prices Paris's May wheat contract, at the last gasp, came within an ace of setting a three-year high as fears over northern Europe's dry spell played against investors trying to cover short positions. The May lot spiked 17% at one point, to E280.00 a tonne, a high for the contract. It was a price beaten only once in the last three years by a contract in the spot position, when the now-expired March lot hit E281.00 a tonne on February 9. The jump reflected, besides a strong day for Chicago wheat, the global bellwether, concerns over the dry weather which continues to dog parts of the European Union's top four wheat-producing countries â France, Germany, the UK and Poland, in output order. 'Irreversible damage' "There was no rain over northern France, Germany and Poland over the weekend and nothing significant in the forecast," Jonathan Lane, trading manager at UK grain merchant Gleadell told Agrimoney.com. Paris-based Agritel said that the weather was "still a source of concern in northern Europe more specifically in northern France, northern Germany and Poland". Damage on some areas is "now irreversible", with spring-sown malting barley the worst affected, but wheat also threatened. Back in the UK, the Home Grown Cereals Authority said that "showers over the weekend were not enough to satisfy the growing crop. The market now looks to rain forecast for the end of the week to relieve anxiety". 'Whatever the price' The performance of the Paris May wheat contract was supercharged by technical considerations, with investors adjusting positions ahead of the lot's expiry on Tuesday. "People short had to cover. Those without the wheat to deliver against commitments had to pay whatever the offer price was," Mr Lane said. "You cannot read too much into it." The volume of contracts traded was, at 1,530, small, as befits an expiring lot. The best-traded November contract traded more than 29,000 lots before closing up 6.2% at E226.00 a tonne. The May contract closed up 11.6% at E267.75 a tonne. US setbacks Chicago's best-traded July wheat contract stood 4.6% higher at $7.94 a bushel in late deals, lifted by America's own weather concerns. In Minneapolis, Benson Quinn Commodities said: "Heat across the southern Plains is a threat for hard red winter wheat, while flooding in the southern Midwest threatens soft red winter wheat. "Cool and wet conditions continue to hamper spring wheat planting across the northern US and Canada. Globally, the EU remains dry, rains across north east China over the weekend were disappointing and the eastern former Soviet Union has been dry." US Department of Agriculture data later is expected to show a 1 point decline over the last week, to 33%, in the proportion of US winter wheat rated in "good" or "excellent" condition - about half the proportion in the top two condition grades a year ago. Kind Regards, George Kanellopoulos.