EU Wheat Posts Second Day Of Gains

EU wheat futures posted a rare second day of gains Tuesday with November Paris milling wheat futures ending up EUR1.75 at EUR130.75/tonne, and London November feed wheat closing GBP2.00 firmer at GBP100/tonne.

Now that the bulk of the EU harvest is drawing to a close it appears that all but the most desperate farmers are content to withdraw from the market, unhappy with current depressed levels.

Even farmers in Eastern Europe are bemoaning current prices, a situation quite different to twelve months ago.

Wheat harvesting in the UK continues to be blighted by rain, particularly in the west and north. One Scottish farmer was reported on FWi today as saying that conditions are even worse than last year!

Generally however this has probably proven not to be the case, with yields average and quality better than twelve months ago.

Yields have certainly proved better than expected in France and Germany, although Eastern European crops have not fared quite so well.