EU Wheat Closing Comments

EU wheat futures fell again Thursday on ideas that recent price increases have been overdone.

Paris March milling wheat ended down EUR2.25 at EUR145.00/tonne, and London May feed wheat closed down EUR1.45 at EUR112.25/tonne.

Both wheat futures contracts had traded lower than that during the session, but were supported late on by US futures not trading as weak as had been expected.

Egypt bought 56,000mt Russian wheat in a tender, no surprises there then. Tunisia also bought wheat, taking 34,000mt of optional origin.

Cold weather in the US and Europe threatens winter wheat over the next few weeks.

Argentina's crop is already done for.

Still, there is a huge exportable surplus that needs to go somewhere. Russia can't keep mopping up all the export demand can they? We shall see.