EU Wheat Ends Higher

Nov London wheat closed GBP2.60/tonne higher at GBP154.60/tonne, Nov Paris wheat ends EUR0.25 higher at EUR227.75/tonne, & Nov Paris corn down EUR1 at 196.50/tonne.

London wheat was playing catch-up after being closed yesterday.

The UK harvest is expected to make good progress this week under favourable weather conditions, Wheat harvesting in East Anglia is likely to be more or less over by the weekend.

A favourable forecast means that harvesting should be well advanced even in northern areas by Sunday night.

Germany remains wet until the end of the week, slowing wheat cuttings there, although the forecast is for things to dry up by Thursday/Friday.

Open interest in November Paris wheat is now more than 141,000 lots. That is an enormous amount of wheat, more than 7 MMT in fact, or over half the entire French exportable surplus.