EU Wheat Ends Narrowly Mixed

EU wheat futures closed little changed for once Thursday with Paris March milling wheat down EUR0.25 at EUR146.25/tonne, and London May feed wheat down GBP0.25 at GBP114.75/tonne.

Egypt bought 83,000mt of Russian and US wheat in a tender, Japan bought largely US wheat. Other tenders kicking around from the likes of Syria and Pakistan will probably go in the direction of Russia too.

So Europe needs to remain ultra-competitive to pick up some of these export orders to dispose of our exportable surplus before next season's crop arrives.

Talking of which Strategie Grains dropped their forecast slightly for the 2009/10 crop to 132.3mmt in the EU-27, 8mmt down from the current season's crop.

Frigid temperatures in Eastern Europe put some winter wheat under threat from winter kill, but damage is not expected to be too widespread due to a decent snow covering, according to analysts.