Nogger's Blog

01/11/10 -- Nov10 London wheat closed with modest GBP0.25 gains at GBP170.50/tonne, and Nov11 gained GBP0.15 to GBP145.15/tonne. Paris wheat was mostly lower with Nov10 down EUR2.25 to EUR222.75/tonne and Nov11 EUR0.25 lower to EUR196.00/tonne.

London wheat did fairly well given the strength of the pound today, which can probably be attributed to a further erosion of the discount that UK wheat remains at over French grain.

Although the Paris market was open it was a public holiday in France so volume was light.

Nothing much has changed, EU exports are still running at a strong pace and there are enough concerns about various wheat crops around the globe to keep end-users nervous.

Iraq are in the market for at least 100,000 MT of optional origin wheat and Egypt are also back tendering for at least one cargo of wheat of assorted origins including French/US and Canadian.

US markets traded lower throughout the day, despite a weak US dollar ahead of tomorrow's mid-term elections, which capped any European gains.