EU Wheat Drifts Lower

In contrast to yesterday's action where prices edged higher for little apparent reason, levels moved lower today in a market bereft of much fresh fundamental news.

Paris May milling wheat closed down EUR2.50 at EUR136.50/tonne, and London May feed wheat traded down GBP2.25 at GBP111.50/tonne.

Syria bought 100,000mt of Russian wheat (again) yesterday, underlining their presence yet again as the cheapest shop in town.

Traders are looking to Saudi Arabia's Friday tender for 500,000mt of milling wheat for some optimism that the Russian jinx may at least be partially removed.

A weaker dollar also added a bit of pressure to European prices, as did falling crude oil.