EU Wheat Ends Week On Quiet Note

Having traded higher for most of the day, EU wheat gave up some of those gains by the close to finish the day posting only slightly higher levels.

November Paris milling wheat ended up EUR0.25 at EUR126.75/tonne, with London November feed wheat ending up GBP0.25 at GBP96.25/tonne.

It was another day of stalemate for wheat, with buyers confident that the recent steep price declines will continue further, whilst sellers are reluctant to sell the most expensive crop ever to produce at current levels.

There was little fresh news on the export front, and EU farmers are content to busy themselves wrapping up what is left of the harvest.

Toepfer now estimate Germany's wheat crop at 26 MMT, the same as last year, whilst the farming organization DBV peg production at 25.7 MMT and the association of German farm cooperatives have it at 26.2 MMT.

Stats Canada pegged the wheat crop there 17.5% down on last year at 23.61 MMT, although this was higher than the kind of number most analysts had been expecting.

Spring wheat harvesting and development is way behind schedule in the US, giving way to some serious quality concerns. It would seem that maybe it's going to be the US that have more feed wheat than they know what to do with this harvest.

Wheat planting in Argentina is just about done, with a record low of just 2.7 million hectares in the ground.