EU Wheat Ends Lower - Just For A Change

EU wheat futures closed lower again with Paris May milling wheat ending down EUR0.75 at EUR134.50/tonne, and London May feed wheat closing down GBP1.25 at GBP108.00/tonne.

It was yet another day of lacklustre trade with outside markets heavily influencing the grain sector.

There is very little news on the export front to get excited about. Consumers seem largely well covered, and sceptical about feed demand for the summer, so I guess we might as well all stay home?

The world will produce just 1% less wheat in 2009 according to last weeks pontification from the IGC. Exactly where they get their info from I'm not sure, the Chinese Ministry Of Lying maybe?

Suffice to say that prices at the moment seem to have very little to do with grain fundamentals, everything is trading on sentiment.