EU Wheat Close

24/11/10 -- Jan London wheat ended GBP0.25 higher at GBP171.50, and Nov was up GBP1.75 to GBP145.25. Jan Paris wheat rose EUR2 to EUR216.00, with Nov also up EUR2 to EUR194.75.

Much colder weather is in line for northern Europe over the next few days, which should hasten winter dormancy.

A weak euro continues to pressure Paris wheat relative to that of London, so too does ideas that the differential between the two remains too large.

In addition the suggestion that there is some longevity in current prices is sparking ideas that new crop discounts are attractive at the existing price disparity.

Brussels is about to start auctioning off last year's surplus intervention barley stocks. Unwittingly they may be on a nice little earner on that one.