EU Wheat Closes Mostly Higher

EU wheat futures closed mostly higher Friday with Paris November milling wheat ending up EUR0.50 at EUR135.50/tonne, and London November feed wheat ending up GBP0.25 at GBP103.00/tonne.

The market followed US wheat higher, supported by Egypt buying 240,000 MT of French wheat in a tender Thursday.

Russian wheat was snubbed, and news that Egyptian buyers had been forced to re-export a quantity of substandard Australian/Ukraine wheat also helped the market.

It would seem that an un-named Egyptian importer bought a load of old rubbish and tried to pass it off as pukka stuff, once again. GASC appear to be getting tired of this particular ruse, and are stamping their foot down.

Therefore if you want decent stuff, then you have to pay the price, or you can always buy FSU feed wheat dressed up as milling grade at a discount.

Wet weather continues to hamper harvest preogress in the UK, northern France and Germany.