EU Wheat Closing Comments

May London wheat ends GBP0.55 easier at GBP102.75/tonne, and May Paris wheat up EUR1 at EUR134.00/tonne.

Phew, what a week! The currency markets have been all over the place, with sterling fluctuating between 1.53 against the dollar at the beginning of the week to under 1.46 by Friday morning.

Now that the UK election is out of the way, it seems like we may see some more stability enter the market if the leading protagonists can thrash out some sort of deal.

The weekend papers will be full of it, that's for sure, but watching the news tonight I feel that we might see some sort of Tory-Lib Dem alliance by the early part of next week. If so, that might lead to some sort of sterling stabilisation by the middle of next week.

Uncertainty is what the market doesn't like.

Whilst the euro remains acutely weak, some export inroads will continue to be made into more 'unlikely' homes.

Recent rains across most parts of Western European were much needed.

In the UK crop development is around 7-10 days behind normal, according to ADAS.

Barley offers into UK intervention picked up again last week - before the lower May price kicked in - with 12,532 tonnes being put up, total offers now stand at 153,168 tonnes after withdrawals/rejections.