EU Wheat Closing Comments

May London wheat ended GBP0.35 lower Wednesday at GBP95.00/tonne, May Paris wheat closed unchanged at EUR122.50/tonne.

The much-awaited USDA numbers were bearish for wheat and corn, with US wheat ending stocks pegged at their highest since 1987. Global wheat production and 2009/10 ending stocks were also revised higher.

Egypt bought two 60,000 MT cargoes of wheat today, one from Russia and one of French origin. The French wheat was priced at just USD164.55/tonne according to media reports.

Russian wheat exports continue to go well, with the country exporting 12.33 MMT in the marketing year so far (to the end of Feb), only marginally less than the 12.5 MMT exported during the same period in 2008/09.

FranceAgrimer indicated that all is going well with wheat production there, predicting a soft wheat crop of 36.54 MMT in 2010.

UK wheat is also emerging from winter dormancy in pretty good condition.

Elsewhere, cold damp weather will occur the next several days in Eastern Europe with periods of cold rain and snow, say Martell Crop Projections. Daily maximum temperatures will be mostly in the upper 30s F in Germany, Poland, the Czech Republic, and across all of Southeast Europe. If wet weather keeps up spring planting will be delayed, they add.