EU Wheat Edges Higher On Weather

EU wheat futures posted modest gains Thursday with Paris milling wheat ending up EUR2.00 at EUR145.50/tonne. London November feed wheat traded up GBP1.50 at GBP122.50/tonne.

Weather worries around the world played a part today, with spring wheat planting severely behind schedule in the US.

French wheat could so with some rain, as indeed could UK wheat.

Large parts of the Russian grain belt around the Black Sea are also dry, and long range weather forecasts for this region aren't promising.

Unusual warmth is likely for the May/June/July period, perhaps gaining in intensity as the summer advances. Dry conditions are expected to develop from Iran to western Russia, and possibly extend into north central Europe, according to StormX.

Winter growing conditions have been drier than last year, they add. The December- February precipitation was only 75-80% of normal compared with 115-120% last season, leading to less stored ground moisture for spring growth and development.