EU Wheat Close

21/10/10 -- Nov London wheat ended up GBP0.25 at GBP162.00/tonne and Nov Paris wheat down EUR2.25 to EUR208.75/tonne.

Currencies ruled the day, with the euro firmer across the board, and the pound falling to a six month low against the single currency.

That supported London wheat relative to Paris today.

Despite the reported "shortage" of world wheat, it seems bizarre that the market continues to react to supposed "surpluses" and "deficits" in assorted places around the globe.

As reported previously an astonishingly small 22MMT apparently marks the difference between "burdensome" wheat ending stocks and the latest "food crisis" that we now seemingly find ourselves in.

The Argy Ag Ministry raised their estimate for wheat production there to 12 MMT, a 60% increase on last season.