EU Wheat Closing Comments

May London wheat ended GBP0.65 higher at GBP103.15/tonne, with May Paris wheat up EUR1.50 at EUR131.50/tonne.

It was another volatile day with prices trading on both sides, but dollar strength (and euro/sterling weakness) ultimately held sway overall.

EU rapeseed had an extraordinary day for the second one running, trading sharply lower early on, before reversing that to go significantly higher, although ultimately ending EUR6.25/tonne below the days highs.

That kind of illustrates the type of market we are in at the moment, with shirts being lost and won on a daily basis.

Wheat shorts have had a rude reminder that they can't always have things their own way ad infinitum. At the end of the day of the producer won't sell, then they ultimately get caught between a rock and a hard place.

That said, there are probably a few rude reminders in store for western European growers too once Mr Eastern Europe has had his store cupboards replenished before too long.