EU Wheat Flat/Mixed As USDA Fails To Provide Direction

EU wheat futures closed flat around unchanged levels Friday, as the eagerly awaited USDA WASDE report failed to provide the market with some much-needed direction.

Paris Nov milling wheat closed EUR0.25 higher and London Nov feed wheat ended unchanged.

On the week Paris gained EUR0.75 and London lost £4/tonne as feed wheat continues to find few friends on the export market.

The USDA figures were bearish overall for wheat traders said with world production and ending stocks increased.

More bullish figures for soybeans and corn prevented wheat from adding to recent declines.

Still the trend remains firmly downwards, and low quality wheat, which is what the UK has aplenty, is friendless on the export arena.