EU Wheat Closing Comments

EU wheat closed mixed, but mostly a little higher Monday, as futures repositioned themselves ahead of Tuesday's USDA stocks and global production report.

London March wheat closed just GBP0.05 higher at GBP97.50/tonne, and March Paris wheat ended EUR1 higher at EUR126/tonne. It was hardly a stunning key reversal.

EU futures tracked Chicago wheat higher, ahead of tomorrow's USDA report, which may show 2009/10 US ending stocks declining a little, according to trade analysts.

Trying to second guess what the USDA will say is a bit like attempting to fathom out the mind of a woman however. Let's just be thankful that the USDA don't have to reverse a car into a parking space as well tomorrow. If they did we'd be there all day.

Indeed, with the weather in Washington taking a turn for the worst today, it's entirely possible that the USDA won't even bother issuing their WASDE and stock report at all tomorrow.

Does my bum look big in this?