EU Wheat Ends Steady/Slightly Higher

EU wheat futures closed Thursday steady to slightly higher supported by firmer US grains and outside markets.

The early week panic over swine flu seems to have disappeared as the trade disassociates itself from the threat of the spread of the disease and its link with pigs and/or feed demand.

Although Egypt reportedly ordered the slaughter of the country's entire pig herd, there is a lot more to this story than meets the eye. More on that elsewhere on the blog tomorrow.

Meanwhile the weather in Argentina keeps on reducing the soybean crop there, with private estimates now as low as 32 MMT. In addition, wheat planting will soon begin, the ongoing drought will do little to encourage farmers to plant more, especially given the governments stance on export licences.

Egypt bought 60,000 MT of Canadian wheat, passing on more expensive EU grain.