EU Wheat Ends With Little Change

EU wheat futures seem to have pretty much ground to a halt these last few session with prices trading in a narrow range and only closing fractions one way or the other.

Tuesday's USDA report threw up no surprises for wheat in terms of plantings or stocks, providing little in the way of fresh direction for European markets.

May Paris milling wheat closed up EUR1.25 to EUR133.25/tonne Wednesday, and May London feed wheat traded down GBP0.50 at GBP108.25/tonne.

Farmer selling remains relatively light, EU plantings are down for 2009 and many countries, especially in Eastern Europe will see reduced inputs.

Still, old crop stocks are largely burdensome and will likely cap any gains over the next few months unless we get a serious crop scare somewhere important.