EU Wheat Ends Flat

EU wheat futures closed around unchanged levels Monday in a subdued start to the weeks trading.

May Paris milling wheat ended up EUR0.25 at EUR141.25/tonne, and May London feed wheat closed unchanged at GBP112.00/tonne.

Russia bought 240,000mt Russian wheat in a tender over the weekend, passing on more expensive US and EU wheat. It has to be said that Russia again picking up the order was not exactly a huge surprise.

A wet weekend in South America also helped ease crop concerns there, although in Argentina at least it may have come too late to help the corn crop.

We will shortly get a clearer picture of the health and potential size of the EU wheat crop as it emerges from dormancy, with most analysts expecting a crop around 10mmt lower than in 2008.

Question marks still remain over the size and health of crops in major producing countries such as the US and China.