EU Wheat Ends Mostly Flat To Higher

EU wheat futures ended another uninspiring day mostly unchanged to slightly higher, London March feed wheat closed GBP0.35 higher at GBP93.85/tonne, with May Paris milling wheat up EUR0.50 at EUR122.25/tonne.

Not exactly what you would call a significant turnaround, but maybe a very modest step in the right direction.

A sharply weaker dollar late in the day maybe wasn't adequately reflected in EU closing prices today however, if that trend continues in the morning then we can easily expect EU wheat to give up today's gain and then some.

Increased talk of possible significant winterkill in Ukraine is helping to underpin futures somewhat.

Talk that US farmers maybe won't up spring wheat acres to at least partially compensate for a sharp drop in winter plantings may also add some longer term support.

Neither of these factors however alter the short-term supply and demand imbalance.