EU Wheat Close

09/09/11 -- EU grains finished mixed with Nov London wheat down GBP0.50/tonne to GBP168.50/tonne and Nov Paris wheat ending EUR1.25/tonne higher at EUR206.75/tonne.

On the week as a whole London wheat lost GBP4.55/tonne whilst Paris shed a more modest EUR1.50/tonne.

The euro remains under acute pressure, with the pound closing above 1.16 for the first time since 10th March late Friday.

A high profile member of the ECB's governing council resigned on Friday, officially "for personal reasons" although the market is sceptical. Talk of Greece being allowed, or even expelled, from the eurozone is mounting.

Bloomberg are reporting that Germany is drawing up contingency plans to help its banking sector in the even of a Greek default.

On a brighter note Brussels issued 415 TMT of soft wheat export licences this week, the best total of the marketing year so far. Trade gossip suggests that the UK has recently sold a couple of cargoes of feed wheat to the US.

All eyes will be on the USDA on Monday when they release their latest supply & demand and stocks numbers. Whilst few surprises are expected for wheat the US corn production number is perhaps the one that is most eagerly anticipated.