EU Wheat Closes Lower

EU wheat futures closed lower Friday with Paris May milling wheat ending down EUR1.25 at EUR138.00/tonne. London November feed wheat closed down GBP1.50 at GBP123.50/tonne.

Large old crop stocks continue to weigh on the market although farmer selling is light.

Algeria might buy French wheat in its 300,000mt tender some traders said, as the exact detail of the tender is for EU, US or Argentine wheat. Russian wheat may not therefore be deemed acceptable.

Other than that there is precious little export interest around that is likely to come our way, or so it seems.

Currency fluctuations are heavily influencing the market at the moment, with a dearth of fundamental news. Whilst the pound has been fairly steady against the euro this week, it has been all over the shop against the dollar, trading in a five cent range from $1.41 to $1.46.