EU Wheat Ends Mixed In Quiet Trade

EU wheat futures closed narrowly mixed, in a another quiet lacklustre session Thursday.

January Paris milling wheat futures closed flat at EUR131.75/tonne, whilst London May feed wheat ended up GBP0.75 at GBP112.50/tonne.

No November London wheat lots traded during the entire session for the second time in a week, and only 376 lots changed hands all day. Paris trade was also subdued.

Sellers don;t want to sell, and buyer don't want to buy, that seems to be the long and short of it.

Egypt did however dip their toe in the water, buying 60,000 MT of Russian wheat from Cargill and a similar quantity of French wheat from Bunge.

US wheat futures fell in afternoon trade, which extinguished any bullish fire that there might have been under the EU wheat market.

Sterling was quite strong, despite the BoE upping it's QE budget by another GBP25 billion.

Defra said that the UK will have a similar wheat exportable surplus to the recent five year average, that is 39% down on last year. Unfortunately the barley exportable surplus is up almost 150% on last season.

Latest US weather forecasts are looking a bit drier for next week than yesterday's calls. That may aid a bit more winter wheat planting.