EU Wheat Lower Again

It will probably come as no surprise to hear that EU wheat futures extended their fall from grace, closing lower again Wednesday with Paris futures setting fresh contract lows and London dipping to 2009 lows.

November Paris milling wheat closed down EUR1.50 at EUR121.50/tonne, whilst London November feed wheat ended down GBP0.75 at GBP92.25/tonne.

Everywhere you look wheat crops simply keep getting bigger. Ukraine and the Czech Republic being the latest in a long line to increase their production estimates today, hot on the heels of France and Russia earlier in the week.

Meanwhile export business remains scant, and what few orders are around are being fought over aggressively.

A weak dollar is doing little to help the cause of EU wheat this week either, making US wheat more competitive on the export arena.