EU Wheat Close

November London wheat ended up GBP3.50 at GBP169.25/tonne, with November Paris wheat unchanged at EUR233.75/tonne.

Whilst Paris wheat is back stuck in the EUR230/236 rut, London wheat pressed on to new life of contract highs, seemingly on ideas that UK wheat is too cheap.

Defra announced that they'd overestimated last season's UK crop by 295,000 MT, and also said that July exports were the highest on record. That could mean that our entire exportable surplus will be gone before Christmas. So much for the "awash" and "burdensome" stocks then.

The pound was weaker across the board, especially against the euro, which also helped UK wheat today.

Canada had a heavy frost over the weekend, with temperatures falling as low as 18-24F in Alberta, 23-28F in Saskatchewan and 25-32F in Manitoba. That will have done some damage to late planted crops.

Russian winter wheat plantings continue to lag, which looks like continuing the uncertainty until at least the spring.