EU Wheat Ends Friday Flat

EU wheat futures closed the week relatively flat Friday, with Paris November milling wheat ending unchanged at EUR141.50/tonne, and London November feed wheat closing GBP1 higher at GBP113.75/tonne.

Contracts are stuck in a sideways pattern, depressed by old crop stocks and the impending harvest, but supported by lack of farmer selling at sub-production levels.

Something has to give at some point, if things go on like this then we will see plantings, and inputs, for 2010 cut even further.

Unlike in 2008/09 we won't have the luxury of large carry-in stocks either, plus there will be large increases in off-take from the biofuels sector.