EU Grains Closing Comments

May London wheat ended Friday unchanged at GBP103.70/tonne, with May Paris wheat EUR0.25 easier at EUR132.00/tonne. June Paris corn was EUR0.25 lower at EUR143.50/tonne and May Paris rapeseed up EUR5.75 at EUR313.00/tonne.

It was a fairly quiet end to a pretty volatile week, as traders seemed happy to square off a few positions ahead of the long weekend.

On the week as a whole May London wheat closed with losses of GBP0.80/tonne, with May Paris wheat EUR1.00/tonne higher. June Paris corn lost EUR1.00/tonne and May Paris rapeseed fell EUR12.00/tonne.

It was a very volatile week for expiring May rapeseed in particular, with prices trading in a EUR30/tonne range over the course of the week.

The highs were set in early trade Monday, but futures fell EUR18/tonne on Tuesday following new of a serious fire at a Bunge-owned rapeseed crushing facility in Mannheim, Germany.

Continued concerns over Greece in particular, but also the rest of the so-called PIIGS is keeping the euro under pressure, which should help support the EU grains sector as a whole.

The pound also remains volatile in the run-up to the election on Thursday.

For the month of April overall May London wheat gained GBP6.90/tonne and May Paris wheat EUR6.75/tonne. June Paris corn gained EUR8.50/tonne and May Paris rapeseed added EUR6.75/tonne.