EU Wheat Closing Comments

London feed wheat closed Thursday with March GBP0.35 higher at GBP98.85/tonne, and Paris March wheat ends EUR0.25 higher at EUR125.50/tonne.

It was a relatively uninspiring day, but farmers remain reluctant to sell at these levels, that is about the only thing left in their armoury that they have.

It seems that UK futures below GBP100/tonne and French levels sub EUR125/tonne trigger some kind of mental block, growers generally simply will not sell at these levels.

Maybe that isn't a bad thing, prices have come down a fair bit from where they were a few months ago, and there will be some shorts trying to nudge the market lower to make a few bucks.

Egypt bought 240,000 MT of wheat in a tender today, of which 120,000 MT was Russian, 60,000 MT Kazakh and 60,000 MT French origin.

It seems that maybe we have reached a floor in the market for the time being.