EU Wheat Ends Barely Changed

EU wheat futures closed with very little change Wednesday on a dearth of fresh market news.

March Paris milling wheat finished down EUR0.25 at EUR150.25/tonne. London March feed wheat closed down GBP0.60 at GBP116.50/tonne.

In the UK crop conditions lurch from bad to worse. Planting was done late, or not at all, in wet and claggy soil and things have gone largely downhill since then.

Snow, rain and sub-zero temperatures have subsequently combined to make crop development even further behind.

Still, many educated pundits suggest that the UK, EU and much of the rest of the world will produce wheat yields comparable, or only slightly down, on 2008.

They could, of course, be talking absolute rubbish. And indeed they almost certainly are. But these are the things that Dow Jones, Reuters, Bloomberg and the rest aren't allowed to say.

World wheat production in 2009 WILL be well down, you really don't have to be Einstein to work that out. Just like you didn't have to be overly blessed in the brains department to figure out that the opposite would be true in 2008.

Yet in 2008 it seemed like very few could see past the end of their noses. Now many "experts" are saying that wheat production in 2009 will only be 2-3% down on last year.

It WILL be down, much, much more than that.