EU Wheat Ends Lower In Correction From Monday's Gains

EU wheat ended lower Tuesday, partially correcting steep gains Monday, after US markets faltered slightly.

November Paris milling wheat ended down EUR2.00 at EUR163.00/tonne, and November London feed wheat closed down GBP1.75 at GBP132.75/tonne.

The dollar was a bit firmer in the morning, but had given up any gains by late afternoon, which added a bearish tone late in the day.

US wheat futures also came in lower, on a bit of profit-taking after strong gains Monday.

In the US spring wheat plantings remain behind schedule and winter wheat crop conditions are declining. Early reports of winter wheat yields in southern states are pretty appalling.

Prospects in most of western Europe have improved in the last six weeks or so, although the east still remains too dry.