EU Wheat Ends Lower On Harvest Pressure

EU wheat futures extended their prolonged decline on yet more harvest pressure Wednesday.

November Paris milling wheat closed down EUR1.50 at EUR139.00/tomme, and London November feed wheat finished down GBP3.25 at GBP106.50/tonne.

Whilst rain is delaying harvest progress across the UK, northern France, the low countries, Germany and parts of Poland, weather in the east is aiding rapid harvest progress.

Wheat harvesting in Ukraine is around 50% done, and progress in Russia is also ahead of schedule. These are the places that are usually most aggressive price wise in terms of marketing their wheat, so it should come as no great surprise that prices are taking another kicking.

Egypt and Russia appear to have kissed and made up, with the former buying Russian wheat in a tender yesterday.

US wheat was sharply lower, mostly on talk of the CFTC curtailing index funds speculative activity.