EU Wheat Closes Mixed

London wheat ended mixed Friday, with March down GBP0.25 at GBP92.25/tonne and May up GBP0.85 at GBP94.60/tonne. Paris wheat closed between EUR0.50 higher and EUR0.25 lower, with May EUR0.50 higher at EUR121.75/tonne.

May London wheat was down GBP2.75/tonne on the week and May Paris wheat ended with losses of EUR1.50 overall. Both the pound and euro finished marginally higher against the dollar on the week.

Export interest remains light against a background of rising EU, US and global wheat stocks.

The EU issued export licences for 330,000 MT of soft wheat last week, that brings total exports so far this marketing year to 12.2 MMT, 18% down on at the same time a year ago.

In the UK a further 8,766 MT of barley was offered into intervention in the past week, bringing total accepted offers to date to just over 92,000 MT. This month's intervention price is GBP92.49/tonne.

Farmer selling is light with spot ex-farm levels now under GBP90/tonne in many areas, with many growers busy tending next season's 11.4% increase in wheat planted area.

Which all kind of puts me in mind of that Monty Python sketch (here) where John Cleese is recounting getting "hit straight smack plumb between the eyes, never a chance to move" off successive balls in a cricket match.

"Early 2007 it was, sold all my wheat for ninety quid, next thing it was £200/tonne, we were all gonna starve to death so I rented some extra land and planted loads of it, bought my fertiliser at the top of the market, sold the lot for ninety quid. The next year they promised us Ensus, said we were gonna make a killing, so I rented more land and planted loads of it, sold the lot for ninety quid. Next time round they said Vivergo's gonna save the day, so I rented even more land and planted loads of it, sold the lot for ninety quid. 'Course I was getting used to it by then."