EU wheat slide continues

Nearby EU wheat futures continue to slide with May Paris-based milling wheat hitting EUR8 down this afternoon, extending losses from yesterday.

France still has "significant tonnage" available but while there's no fresh demand for their high quality wheat this is bearish for the market, said a Paris-based broker.

The May/Nov differential is now down to EUR11.75 from EUR45 on 1st March.

London-based feed wheat is also lower with nearby May down EUR5.50. Whilst the May/Nov differential has fallen from STG33 on 1st March to STG20 today, there is still room for further downside movement, said a London broker.