EU Wheat Ends Higher

EU wheat futures closed higher Monday 'just because' - despite a lack of fundamentals.

May Paris milling wheat closed up EUR1.25 at EUR139.00/tonne, with November London feed wheat ending up GBP1.00 at GBP125.50/tonne.

A weak dollar and sharply higher US markets dragged EU wheat higher without a lot of fundamental back-up.

European wheat continues to miss out on most of the big export orders to Black Sea grain, and little has changed to alter that situation, traders said.

Lower plantings and increased usage in the UK could ultimately leave us with a production deficit in 2009/10, as opposed to a 3mmt+ exportable surplus in 2008/09.