EU Grains Closing Comments

May Paris wheat closed EUR1 lower at EUR131/tonne, with London wheat closed for the May Day holiday.

Unsurprisingly it was a subdued days trading activity, with Paris rapeseed unchanged in all positions except Nov10 which was EUR0.25 easier. Paris corn was also mostly unchanged.

Dry weather concerns have eroded somewhat, with rain falling across many parts of Europe over the weekend, although parts of Ukraine and Russia are still dry.

A modest pick up in consumer demand, coupled with subdued farmer selling, seems to be underpinning the market at the moment. A weak euro is also a supportive factor.

Iraq bought 200,000 MT of Canadian wheat over the weekend, according to the state-run Grain Board.

Plantings in the US continue to run well ahead of last year, and also significantly above the five year average. Spring wheat sowings are 60% done the USDA said tonight, compared with 47% normally. Corn plantings are seen at 68% complete versus 40% normally, they added.