EU Wheat Follows US Lower

EU wheat futures closed lower again Thursday following the lead from sharply weaker CBOT markets as recession fears persist.

November Paris milling wheat closed down EUR2.25 at EUR160.50/tonne and London November feed wheat ended down GBP1.50 at GBP99.00/tonne.

A stronger dollar underpinned losses, but the market keeps drifting lower in an attempt to stimulate export interest.

Losses were extended late in the day after Chicago opened sharply lower.

Speculative money continues to exit the commodities markets with Brent crude losing almost $5, and now in danger of breaking through support at the $90/barrel mark.

A quiet day may be in store Friday as many participants will be attending the European grain bourse in Munich.