EU Wheat Close

EU wheat futures closed around unchanged with Paris November milling wheat unch at EUR169.75/tonne and London November feed wheat down just GBP0.25 at GBP107.75/tonne.

An 11th hour bailout of ailing US insurance giant AIG by the Fed added some degree of stability to a very nervous financial market. This gave the grains market an element of calm.

Still, wholesale fund liquidation remains a concern, and it is difficult to see the markets rallying from here unless there is a fundamental change of heart.

Egypt bought Russian/Ukraine wheat in a tender, passing on French/German and US wheat. UK wheat was not even in the equation as the quality is too inferior.

With the EU having a larger than ever quantity of wheat to export this year this hardly augurs well for the coming season a trader commented.