EU Wheat Closing Comments

London March wheat closed GBP0.10 higher at GBP93.95/tonne, May Paris wheat ended up EUR1.75 at EUR124.00/tonne.

Yet again there was little change in fundamentals, the US dollar was sharply lower, yet EU prices managed to finish the day with marginally higher closes.

There is a little bit of a feeling that maybe, just maybe, the overall weight of bearish news can't get much worse. There are perhaps one or two slight glimmers of hope for EU wheat growers emerging.

It seems like slowly emerging EU crops may not have done quite so well over what has been a largely depressing and very cold winter.

Certainly farmers are reluctant sellers at current levels that is for sure.

That said, demand is hardly outrageous. The UK shipped just 210,782 MT of wheat in January, according to the latest statistics from the HGCA. That's a 40% reduction on what was shipped in January 2009.