EU Wheat Recovers Slightly Wednesday

EU wheat futures recovered somewhat from a complete mauling Wednesday, with Paris November milling wheat closing unchanged at EUR139.50/tonne, and London November feed wheat ending up GBP0.75 at GBP113.25/tonne.

Prices look like they well overdone on the downside Tuesday after a massively bearish USDA report, and corrected a little today.

The validity of the USDA figures is certainly being questioned in some quarters, exactly how they could find one million more wheat acres from their March prediction is certainly open to debate.

Still, harvest pressure seems set to keep a lid on any potential rallies at the moment

Egypt's GASC bought 90,000 MT of wheat in a tender today, again passing on Russian wheat to book French and US material.

That news may provide a little support tomorrow.