EU Wheat Closes With Little Change

EU wheat futures closed Tuesdays session with little change, recovering from earlier losses later in the day as Chicago held support.

Global wheat production in 2008-09 is now forecast at 683 million tonnes, up 7 million tonnes from IGC's previous forecast a month ago and 32 million tonnes above forecast consumption for 2008-09.

Export interest remains slow, with Japan tendering today for 91,000mt US wheat. The Philippines are also tendering for wheat, which will also most likely be filled with US wheat. Bangladesh are in the market for 100,000mt wheat, which will probably go to Russia.

EU farmers are largely concentrating on finishing up planting the winter crop, and are now unlikely to return to the market as sellers until the new year.