EU Wheat Ends Lower Again

EU wheat futures closed lower yet again, just by way of a change, with March London wheat down GBP2.00 at GBP92.50/tonne, and Paris May wheat EUR1.25 down at EUR121.25/tonne.

It's starting to look pretty ugly for EU wheat, with London March finishing within GBP0.50 of the life of contract low, and Paris May wheat setting a new lifetime low in it's first day as the front trading month.

Defra today said that UK winter wheat plantings are up 11.4% to 1.9 million hectares.

The French Ministry yesterday upped their 2010 soft wheat production estimate to 36.54 MMT and increased 2009/10 ending stocks to a smidgen under 4 MMT.

Also yesterday the USDA pegged US ending stocks at the highest since 1987/88, and upped global ending stocks at 196.77 MMT in 2009-10, up almost 1 MMT from last month and 31.2 MMT higher than 165.57 MMT in 2008-09.

I've tried pretty hard to throw in a glimmer of hope somewhere but simply can't find anything significant right now.

Downwards remains the path of least resistance.