EU Wheat: Follows CBOT Lower

EU wheat futures closed lower Friday pressured by falling CBOT markets and lower crude oil.

November Paris milling wheat closed down EUR2.25 at EUR194.50/tonne and London November feed wheat closed down £2.00 at £125.50/tonne.

UK weather remains a concern and the milling/feed wheat premiums continue to widen as rains continue to fall.

Early reports from the UK point to higher than expected yields and lower than average proteins.

Competition from the Black Sea is fierce with Spain, Italy, Holland and even Ireland recently reported to have bought wheat from this region.

It is becoming clear that the UK will struggle to find export homes at current levels, as long as the weather continues as it has been recently there is likely to be a large quantity of low-quality feed wheat on the market this winter which will inevitably weigh on prices.

I had this crazy dream last night that someone was once offered £200/tonne for wheat and turned it down. Mad eh?