EU Wheat Ends In Stalemate

EU wheat futures closed with little change, in a stalemate between producers and sellers.

Farmers don't care very much at all for current levels, but with prices having fallen rapidly buyers are also in no hurry to book forward requirements either.

Paris November milling wheat closed down EUR0.75 at EUR126.50/tonne, whilst London November feed wheat finished unchanged at at GBP96.00/tonne.

European crop production numbers are now becoming more firmly established, with output in France and Germany each a million or two tonnes higher than was thought earlier in the year.

Although production in Eastern Europe is down, things aren't quite as bad as was feared earlier. Ideas of output in Ukraine were 18-19 MMT a few months ago have now given way to thoughts of production of around 21 MMT. Still 19% down on last year's 25.9 MMT, but better than what was expected.