EU Wheat Closing Comments

EU wheat closed the week with little change, Nov London wheat was GBP0.20 higher at GBP103.25/tonne, and Nov Paris wheat EUR0.25 lower at EUR139.50/tonne.

Overall that's a loss of GBP2.25 on the week for London wheat and a loss of EUR2.25 for Paris wheat.

A firmer sterling and euro versus a weaker US dollar have pressured prices a bit this week, although production and quality uncertainties have underpinned price reductions.

Growers are busy and don't fancy these levels too much, but consumers are confident that new crop supplies from, shall we say less discerning sellers, will bring prices down anyway.

Tunisia bought 50,000 MT of any origin, probably Black Sea/French wheat, overnight.

With just one week of the marketing year to go, the EU-27 has issued a total of 17.69 MMT in soft wheat export licences this season. That's 17.5% down on last year, but better than what was expected a month or two ago.