EU Wheat Closing Comments

EU wheat futures close with Nov London wheat down GBP0.75 at GBP103.50/tonne, and Nov Paris wheat EUR0.25 higher at EUR140.00/tonne.

A sharply higher pound depressed UK wheat prices.

French analysts Coceral said that EU-27 soft wheat production would come in at 132.22 MMT this year, almost a million tonnes down on their last estimate in March. All wheat output will amount to 140.07 MMT, according to them.

UK wheat output will amount to 15.88 MMT, with France producing 37.50 MMT and Germany 25.6 MMT, they say.

EU-27 barley production will come in at 55.3 MMT, down 14% on last year, they add.

These figures are still very much pie in the sky, and EU prices appear to be treading water until we get a clearer picture on final production estimates here.

With the harvest now underway in southern France, within a month or so we should have a much better idea on where final production numbers are likely to be.