EU Wheat Close

24/02/11 -- EU wheat closed higher with Mar London wheat up GBP5.50 to GBP197.50/tonne and new crop Nov GBP4.50 higher at GBP163.75/tonne. Mar Paris wheat rose EUR0.50 to EUR247.00/tonne, with Nov EUR2.75 higher at EUR216.00/tonne.

It was yet another topsy turvy day, with London probably closing higher than it should have done even though the pound fell on the back of poor retail sales data.

London and Paris wheat traded on both sides today, with Libyan uncertainty keeping players nervous.

Unless there is any major change overnight then I would expect things to correct themselves in the morning and London to start lower.

The pound fell on the back of poor Feb retail sales, hitting below 1.17 against the euro which rose on the back of improving economic confidence.