EU Wheat Follows America Lower

EU wheat followed the US lead, closing lower with Paris November milling wheat down EUR0.25 or at EUR143/tonne, and London November feed wheat closing GBP1.25 lower at GBP112/tonne.

Today's USDA report was a little negative for US commodities, but they did reduce Canadian, Argentine and EU wheat production estimates from last month.

Farmers remain reluctant sellers at current levels, yet the trade seems surprised by this.

Egypt appear to have finally sorteed out their problems with Russia over quality issues, whish may be negative for Eu and US wheat demand when they are next in the market to tender.

The harvest is upon us in Russia and Ukraine, but early yield reports are questionable.