EU Wheat Drifts Lower

EU wheat futures drifted lower Wednesday with Paris May milling wheat closing down EUR2.50 at EUR136.25/tonne, and November London feed wheat ending down GBP1.00 at GBP118.00/tonne.

For once it was a half decent volume day with 8,617 lots traded in Paris.

As per usual there was very little fresh news to get too excited about. Iraq bought 250,000mt of wheat Tuesday, with 100,000mt surprisingly going the way of the US.

Although some analysts said that this may have been a sop to a surprise visit from Obama to Baghdad, it is more likely to be due to Russia running out of the best quality wheat at last.

US wheat continues to struggle to stage a rally, despite reports of serious potential for crop damage in Kansas, Oklahoma and Texas by a heavy freeze at the beginning of the week when temperatures fell to 10F and lower in some parts.