EU Wheat Closing Comments

London wheat closed GBP0.30 higher at GBP97.05/tonne, Paris wheat ended up EUR0.75 at EUR126.75/tonne.

It was hardly what you would call thrill a minute stuff, with most of the trade still in Easter holiday mood.

US wheat futures rebounded from contract lows, which bolstered EU levels. Both the euro and the pound were lower against the dollar which also helped today.

EU farmers are busy with fieldwork, and seem to remain reluctant sellers at current levels. End users and shippers are similarly reticent, unless they need the stuff tomorrow that is in which case they might pay up a little.

Despite a harsh winter, EU crops seem to have emerged with little in the way of serious damage.

Stocks are high, and that doesn't look set to change any time soon.