EU Wheat Narrowly Mixed, Now Competitive On Export Arena - Toepfer

EU wheat futures are narrowly mixed at midday Wednesday with November Paris milling wheat +EUR0.50 at EUR144/tonne. Nearby November London feed wheat is unchanged at £90/tonne, with some deferred months slightly easier.

A sharply strongly firmer dollar is fostering the belief that EU grain is finally becoming competitive on the export market.

"The recent strengthening of the dollar has again made EU wheat competitive in third country export markets," Toepfer said in a report. "Higher quality wheat can even compete with wheat from Ukraine and Russia."

"But increasing competition is to be expected on the world market from December from the new crops in Argentina and Australia," it warned. Adding that, "a further price fall cannot be ruled out as a very good maize crop is also expected."

Toepfer forecasts the EU 2008 maize crop at 60.8 million tonnes, up from 47.4 million tonnes in 2007.