EU wheat futures slide - old crop premium plunges

Paris-based May milling wheat futures closed EUR4 lower yesterday and are a further EUR5 down as of 12.30BST today as traders roll out of old-crop.

The differential between old-crop May and new-crop Nov is down to EUR11.75 today, compared to over EUR30 just a week ago, and EUR45 at the beginning of March.

The new crop continues to struggle to attract a lot of activity in Europe and physical trade is dead, said a London-based broker.

"It will be quiet for the next few weeks as we wait for the new crop to grow and develop," said the broker.

With harvest in some areas of the Med only a month and a half away, and the strong euro impeding exports this trend looks likely to continue.