EU Wheat Ends Mixed On Currency

EU wheat futures closed mixed Wednesday with Paris milling wheat lower and London feed wheat higher. A sharply weaker dollar threatened French competitiveness on the export market. However a fresh plunge to all-time lows against the euro for sterling helped London wheat close higher.

March Paris milling wheat ended down EUR1 at EUR129.50 a tonne. London January feed wheat closed up GBP2.00 at GBP95.50/tonne.

Export orders for EU wheat still remain scant however. Jordan bought 50,000mt Russian hard wheat and Israel plumped for Ukraine feed wheat in a tender.

Both the Russian ruble and the Ukraine hryvnia are under severe pressure, meaning that they will continue to eagerly mop up any export orders around.

Weather remains a threat to US wheat in the Plains, with Arctic air threatening unprotected crops there with winterkill.

Things continue to go from bad to worse for the Argentine wheat crop with the Agricultural Secretariat trimming it's forecast for the current crop to 9mmt, from 10.1mmt previously. That's a 7mmt drop on 12 months ago, and the lowest estimate in the marketplace yet.