EU Wheat Ends Flat To Slightly Lower

EU wheat futures ended a quiet day Friday flat to slightly lower in very subdued trade.

Paris November milling wheat ended down EUR0.50 at EUR141.25/tonne, and London November feed wheat closed unchanged at GBP112/tonne.

With the markets in the US closed for the Independence Day holiday, it was always likely to be a quiet affair, and so it proved.

In London only 88 lots traded all day, with business wittily described by one trader as a steaming pile of faeces.

We're into July and the combines are rolling across much of Europe, and we'll soon begin harvesting here in the UK, so I guess we shouldn't be too surprised that it's quiet and the market is depressed.

EU wheat has got a bit of a boost with Egypt buying french wheat a couple of times in the past fortnight as their dispute with Russia over quality issues drags on.

Despite both sides publicly stating that the problem is internal to Egypt one Russian cargo still sits at the docks in Egypt impounded by the authorities until the state get their money back for a previously disputed shipment.