EU Wheat Close - Wednesday

Nov London wheat closed GBP0.50 higher at GBP163.00/tonne, with Nov Paris wheat up EUR1.50 at EUR232.25/tonne.

Both closed off session highs on profit-taking.

Egypt bought 295,000 MT of mostly French wheat in it's latest tender, although it did also take a cargo each of US and Canadian.

The euro and sterling were both higher, which capped upside potential, with Nov Paris wheat seemingly stuck between the EUR230-236/tonne level.

Spec interest is still running high, with the open interest in front month Paris in excess of 130,000 lots, or over 6.5 MMT.

The gap between what the futures market says the price of wheat is and the cash price continues to widen. That's particularly true in the US where country elevators are scrambling for room as the corn and soybean harvest gets underway.