EU Wheat Futures Modestly Firmer In Thin Trade

EU wheat futures are modestly firmer this morning in thin low-volume trade.

November Paris milling wheat is up EUR1.75 at EUR147.25/tonne. London January feed wheat is 55 pence higher at £94.30/tonne.

European wheat managed to be competitive on the export stage last week with Egypt buying French wheat in preference to US or Black Sea origin.

However, with this weeks demise of the dollar Egypt passed on EU wheat yesterday buying instead 120,000mt Russian wheat at $179/tonne CIF (approx £108.50/tonne).

"Still, farmers remain reluctant sellers at current levels. Now that the crop is in the barn its likely to stay there until the new year," said one trader.