EU Wheat Ends Sharply Lower

EU wheat futures extended their recent steep decline Monday, with November Paris milling wheat closing down EUR2.50 at EUR135.50/tonne. London November feed wheat closed down GBP2.95 at GBP103.05/tonne.

Harvest pressure continues to weigh on the market, although widespread rains in northern Europe seem to have pushed the harvest back a couple of weeks.

The same rains are causing quality concerns, which explains why feed wheat in London was lower than milling wheat in Paris.

Whilst farmers are generally reluctant sellers at these levels, the continued decline, with no apparent respite in sight, is a cause of some concern.

The pound's apparent new-found strength was also bearish for UK wheat.

EU rapeseed futures also closed sharply lower, with November Paris down EUR8.00 at EUR259.50/tonne, on talk of better than expected yields in France and Germany.