EU Wheat Close

19/10/10 -- It was another mixed day with Nov London wheat ending down GBP0.90/tonne at GBP160.10/tonne and Nov Paris wheat down EUR2.75/tonne at EUR211.0/tonne.

On Paris wheat the Nov/Mar inverse has now narrowed to just EUR1.00/tonne. Open interest in Nov continues to erode.

China raised their interest rates today, undermining potential US grain exports.

The dollar was firmer and the pound weaker on the back of that.

Egypt bought French wheat in a tender today, but also took US and Canadian wheat, and Iraq booked a 200,000 MT combo of US, Canadian and Ukraine wheat, indicating that no one origin has the upper hand at current levels.

Ukraine's grain harvest is 96% done, producing 38.5 MMT compared to a final figure of 46 MMT last year.