EU Wheat Futures Flat

EU wheat futures appear to have flattened out and are trading in a sideways pattern for the time being, as farmer selling remains light at current depressed levels.

November Paris milling wheat is EUR0.50/tonne higher at EUR144.50/tonne. Trade is sluggish with just 725 lots traded. There has been no trade yet on nearby months in London feed wheat.

A stronger dollar has now pushed below $1.26, from $1.2735 Friday, which is providing some support, as too is a firmer eCBOT market.

Still, with crop conditions in the US plains for newly planted wheat looking promising, and the Australian harvest just about underway, upside potential seems limited and any rallies should probably be sold into.