EU Wheat Slightly Firmer On Technical Bounce

EU wheat futures are slightly firmer Wednesday on a technical bounce from recent steep declines.

Paris November milling wheat is EUR1 to EUR179.25/tonne and London November milling wheat is up GBP0.25 to GBP117.25/tonne.

Prices hit 13 month lows in London and Paris yesterday as global supplies increase and crude oil weakened.

Crude is now under pressure from slowing global energy demand growth, rising inventories and a stronger dollar.

Support came from Egypt's overnight tender for 55,000 to 60,000 tonnes of optional-origin wheat for October shipment, and ideas that a stronger dollar will increase the EU's competitiveness on the export market.