EU Wheat Ends Higher On Late US Rally

EU wheat futures closed higher after languishing around unchanged for most of the day after America kicked higher late in the session.

Paris May milling wheat ended up EUR1.75 at EUR138.75/tonne, and London May feed wheat closing up GBP1.40, at GBP110.40/tonne.

A late rally was prompted by US futures surging strongly higher late in the day, boosted by firmer crude oil, stocks and a weaker dollar.

Dryness in the Plains also remains a concern for US wheat, with QT Weather reporting the driest Jan/Feb since records began in 1895.

The next decent chance of any significant rainfall won't emerge until Tuesday-Thursday next week, QT Weather suggest.

Syria bought 200,000mt of Russian wheat Monday, and then promptly issued a tender for another 200,000mt.