EU Wheat Futures End Mixed

EU wheat futures closed mixed with Paris March milling wheat ending down EUR1.00 at EUR147.50/tonne, and London May feed wheat ending up GBP0.75 at GBP118.75/tonne.

London wheat benefited from the pound's shortcomings, with reasonable consumer interest on talk that $1.30 was on the cards over the next week or so. Having fallen by 12 cents against the dollar already this week, who's to say it can't happen?

A weak sterling is obviously pushing prices higher for competing raw materials in feed rations. It should also be helping make UK wheat more competitive abroad.

There is precious little evidence of this so far however. Egypt bought a combo of French, US and Russian wheat in a tender today which buoyed markets on the continent somewhat, but UK wheat was never really in the frame due to quality issues.

EU winter temperatures have warmed up for the time being, reducing fears of winter kill.