EU Wheat Mostly Higher

25/10/11 -- EU grains finished mostly higher with Nov London wheat up GBP1.40/tonne to GBP150.90/tonne and Nov Paris wheat rising EUR0.50/tonne to EUR189.25/tonne.

Outside markets were supportive with NYMEX crude oil rising to USD94.00/barrel.

China said that it will need to import 5 MMT of corn in 2011/12. That in itself would be a record volume, and China being China the market is automatically guessing that if they say 5 MMT then they really mean 10 MMT.

They are also said to have recently bought significant quantities of Australian wheat of both feed and milling grade.

Tomorrow all eyes will be on European leaders and their abilities to thrash out a credible deal to resolve their debt problems.