EU Wheat Closing Comments

EU wheat futures closed mixed with November London wheat up GBP0.50 at GBP108.50/tonne, and Paris November wheat EUR2 lower at EUR142.25/tonne.

It was another volatile day on the currency front, with the euro gaining strength on news that the Spanish government had got approval for a EUR15 billion austerity budget, albeit by just one vote.

Rains across northern France are thought to have brought come relief to ailing winter wheat crops, although opinions are divided as to exactly how much benefit has been derived.

In the UK rains have so far been pretty scattered, although weekend forecasts hold the promise of more to come.

Brussels issued export licences for 483,420 MT of wheat last week, helping the EU on its way to exceed the USDA's target of 20 MMT for the current MY.

Egypt booked 180,000 MT of Russian wheat in its tender today, that was a setback for French wheat which seemed to have a great chance of making a sale given the weakness of the euro.