EU Wheat Closing Comments

May London wheat ends GBP0.15 higher at GBP96.40/tonne, with May Paris wheat closing EUR1.25 higher at EUR127.75/tonne.

Prices nudged mostly higher on ideas that EU wheat is now finally amongst the most competitive in the world.

Paris wheat benefited from the continuing weakness of the euro as the Greek problems rear their ugly head again.

The spring weather is improving, and farmers and agronomists are taking stock of what damage might have been done across a fairly harsh winter.

All eyes are on the USDA Friday, who are expected to peg US wheat 2009/10 ending stocks above a billion bushels. There are some who think that the recent pick up in US export pace could warrant a small reduction in ending stocks from last months report.

Yesterday's USDA weekly export sales came in above expectations. It was also interesting to note China buying both old and new crop US wheat.