EU Wheat Mixed As Weak Euro Supports

EU wheat futures traded mixed Wednesday with Paris November milling wheat closing up EUR1.25 at EUR144.75/tonne. London November feed wheat ended flat at GBP90.00/tonne.

The dollar hit a near two-year high against the euro Wednesday and a five-year peak against sterling.

A sharply strongly firmer dollar is fostering the belief that EU grain is finally becoming competitive on the export market.

"The recent strengthening of the dollar has again made EU wheat competitive in third country export markets," Toepfer said in a report. "Higher quality wheat can even compete with wheat from Ukraine and Russia."

Egypt's said Wednesday it had bought 175,000 metric tons of French wheat on a free on board basis, which appears to confirm this.