EU Wheat Ends High Volume Session Firmer

EU wheat closed a rare high volume day firmer Tuesday with November Paris milling wheat ending up EUR2.00%, at EUR121.25/tonne, and London November feed wheat closing up GBP1.25 at GBP93.00/tonne.

In Paris 9,049 lots traded, and in London 922 lots changed hands.

A firmer US dollar helped EU wheat trade higher for most of the session, before the afternoon US weather forecast came in predicting potentially damaging sub-zero temperatures late next week.

Some limited consumer buying was in evidence, although Egypt reputedly bought 240,000 MT of exclusively Russian wheat at $166/tonne FOB.

There is already a lot of bad news out in the market place, with northern hemisphere harvest largely wrapped up there is some feeling that things can hardly get much worse. That said, ABARE upped their Australian wheat forecast by 0.7 MMT to 22.7 MMT today.