EU Wheat Ends Lower

EU wheat futures closed lower Wednesday, although things could have been much worse in the aftermath of Tuesday's bearish USDA production and stocks numbers.

EU wheat closed down, but well off the lows, with London March feed wheat down GBP1.10 at GBP106.40/tonne, and Paris March milling wheat down EUR0.75 at EUR128.75/tonne.

In some ways I guess that you could conclude that EU wheat got off quite lightly, certainly the USDA stocks and global production numbers were very bearish.

Egypt underlined just how uncompetitive EU (and US) wheat was, by buying 180,000 MT of Russian/Kazakh wheat "just for a laugh".

Surely somebody must want our wheat?

Erm, no, not really. But those nice bioethanol lads might take it off your hands if you ask them nicely like.