EU Wheat Close

November London wheat closed GBP1.15/tonne lower at GBP147.60/tonne, with November Paris wheat down EUR0.25/tonne at EUR206.75/tonne.

Wheat traded lower than the close for most of the day.

German agricultural association Deutscher Raiffeisenverband (DRV) forecast grain production there 500,000 MT lower than last month at 43.7 MMT. They did however leave their wheat estimate unchanged at 23.8 MMT.

Egypt bought 120,000 MT of French wheat today in a tender, paying around USD286/tonne FOB for two 60,000 MT cargoes.

The USDA are tomorrow expected to reduce their world wheat production estimate for 2010/11 to around 650 MMT, some 11 MMT lower tha last month.

Early reports from the UK suggest wheat yields down 5-10%, with quality generally pretty good although protein levels are variable. Straw yields are said to be significantly lower than normal.

Only around 15% of the crop is estimated to be harvested nationally.