EU Wheat Closes Higher

May Paris milling wheat ended up EUR0.75 at EUR140.00/tonne Wednesday, whilst November London feed wheat closed up GBP1.50 at GBP124.00/tonne.

Russia continues to mop up most export orders kicking around, snapping up a Syrian wheat tender for 200,000mt yesterday after also taking a 240,000mt order from Egypt across the weekend. Algeria are said to be in the market for 300,000mt, I wonder who is going to pick that one up?

Crude oil was up, reaching the dizzy heights of $42/barrel, whilst the dollar was also a wee bit firmer against both the euro and sterling, helping EU wheat move higher.

Anyone would think that production was going to be lower in 2009. What, it is? Blimey!