EU Wheat Ends Lower Again

EU wheat futures continued their seemingly inexhaustible decline Wednesday, with Paris November milling wheat closing down EUR1.00 at EUR127.25/tonne, and London November feed wheat ending down GBP0.25 at GBP96.00/tonne.

Harvest pressure, and reports of better than expected yields out of France and Germany continue to add downwards momentum.

It's currently quite difficult to see how much lower things can get, but lower they undoubtedly will go. The one consolation is the old adage that markets always over-react, to the downside as well as the upside.

Egypt bought 270,000 MT of wheat today, but only 60,000 MT of that was French, the rest made up of US, Russian and Canadian wheat.

Very few people seem to be looking at the Indian situation developing in the wings. For now at least, the market is full of doom and gloom.

The bears continue to have their way for the time being. Although it wasn't that long ago that every man & his greyhound was so bullish it was unbelievable.

Every greyhound has his day. Apart from trap six, with the Newcastle shirt on, they're just plain unlucky!