EU Wheat Stumbles Lower

EU wheat futures continued to stumble lower Monday, on a combination of harvest pressure and weaker US and outside markets like crude oil and equities.

Paris November milling wheat ended down EUR1.50 at EUR128.75/tonne, whilst London November feed wheat closed down GBP1.10 at GBP96.65/tonne.

Although the UK harvest is still lagging behind normal, cropping elsewhere is winding up. About the only good thing that can be said for the UK weather is that things aren't as bad as last year.

Weak technicals & heavy fundamentals continue to weigh on the market, wheat production keeps getting revised upwards in many countries as a clearer picture becomes available as harvest progresses.

In the US the spring wheat harvest is well behind, with only 13% of the crop in the bag as of Sunday night, compared to 48% normally at this time of year.