LIFFE feed wheat drifts lower

London-based LIFFE feed wheat stands GBP0.75-1.00 lower this morning in low volume trade. November feed wheat fell GBP6, or 3.9%, to end at GBP147/ton last night.

A limit down close for corn and a sharply lower close for US wheat futures last night, plus an imminent start to the EU harvest are weighing on prices.

"Market sentiment recently has been all about US wheat and corn, so it's no great surprise to see EU prices lower this week," said a UK-based grain trader.

Paris-based milling wheat this morning is mixed EUR0.75 lower to EUR0.75 firmer. Paris November dropped EUR9.50, or 4.5%, to settle at EUR199.75 a metric ton yesterday.

"On a technical basis we could go lower but traders seem to be waiting to see what happens later in Chicago," a European wheat trader said.

Egypt tendered on Monday to buy 55,000 to 60,000 tonnes of optional-origin wheat for shipment July 23-31 and/or Aug. 1-10 and added Ukraine wheat to the origins sought.