EU Wheat Futures Nudge Lower In Quiet Trade

EU wheat futures are modestly lower this morning in quiet trade. Traders still seem to be having difficulty reconciling impending bumper crops all round Europe against generally steadier Chicago levels.

"It's a very strange situation," said a Paris dealer. "We are following Chicago, but it's very different here than in North America."

The weather has turned warmer and drier in France, which will aid development and ripening. Durum fields in southern France are already ripening and early harvesting of the French soft wheat crop could begin by mid-July.

Paris-based milling wheat futures for Nov are EUR2.75 lower at EUR211/ton with 1110 lots traded. London-based Nov feed wheat is up GBP1 at GBP151.50 with 65 lots traded.