EU Wheat Gains Slightly

EU wheat futures closed with mostly modest gains Tuesday in a slight bounce from Monday's steep losses.

Paris November milling wheat closed up EUR1.50 at EUR161.25/tonne and London November feed wheat closed flat at GBP99.50/tonne.

CBOT wheat futures bucked the weaker trend set by soybeans and corn Tuesday, rebounding from a 13-month low on a bullish U.S. wheat stocks figure and as traders covered short positions.

USDA showed U.S. September 1 wheat stocks at 1.857 billion bushels, below the average trade estimate of 1.909 billion. Analysts said the figure implied strong demand for wheat from the livestock feeding sector.

Still, EU prices remain heavily influenced by crude oil and other outside markets said one trader, and the recent downwards trend remains firmly intact.