EU Wheat Closes Lower But Off Lows

EU wheat futures closed lower Monday, but off session lows, as CBOT wheat futures moved migher late in the day.

Paris November milling wheat finished EUR1.25 lower at EUR172/tonne, but up off a session low of EUR169.25/tonne.

London November feed wheat settled down GBP0.50 at GBP109.50/tonne having earlier hit a fresh 13-month-low of GBP107.60/tonne.

The downdraught from the continuing global financial meltdown weighed on wheat futures from the start, a trader said.

However, a modest recovery late in the day by CBOT wheat enabled prices to close above daily lows.

The downwards trend is still firmly intact and more losses can be expected in the weeks ahead if crude and other outside markets continue to decline.