EU Wheat Rangebound

EU wheat futures are slightly lower with prices seemingly stuck in a narrow range.

Although demand remains light, so too is farmer selling. London wheat sees January trading GB P0.25 lower at GBP96/tonne, with January Paris milling wheat EUR3 lower at EUR136.50/tonne.

As the charts below show prices seem to have arrested their steep declines and flattened out around current levels.

London feed wheat

Paris milling wheat

Still, end-users are in no great rush to enter the market either, and both sides seem content to adopt a wait and see attitude.

Japan is expected to buy US wheat today in a routine tender, with Egypt also shopping for 55,000mt wheat in the next day or so. The winning origin of that tender will be interesting, although Russia must surely be hot favourites.