EU Wheat Ends Mostly A Tad Higher

EU wheat closed mostly a little higher Wednesday in relatively quite trade. Paris November milling wheat ended up EUR0.25 at EUR140.75/tonne, whilst London November feed wheat closed up GBP0.25 at GBP112/tonne.

With the French harvest poised to kick off in full swing today was a subdued affair, farmers don't like the current depressed levels, but consumers seem to fancy a bit more downwards pressure to come yet.

Egypt shunned Russia for the third time in recent weeks, buying US and French wheat in a tender. Of the 175,000 MT taken 120,000 MT was French wheat at a reported price of USD186.45/tonne, despite reports that Russian wheat was offered as low as USD169 in the same tender.

This is proving to be quite an interesting development, as both Egypt and Russia have publically declared that neither side has a quality problem with each other anymore.

This could potentially give EU wheat a tremendous boost for the remainder of 2009, if Russia continue to prove to be persona non grata.

FranceAgriMer cut their French soft wheat ending stocks as at the end of June to 2.78 MMT from 3.24 MMT.