EU Wheat Falls 2.9% Amid Month-End Profit Taking

European wheat futures fell on Friday after traders locked in profits at month-end following a rally of over 10% in July.

The September milling wheat contract on Paris-based Euronext dropped by 2.9% to €222.75 (USD256.54) a metric ton, down from its June end value of €202.0 a ton.

Traders cited the month-end profit taking as the reason for the decline, with one French trader stating that 'it's July 31, wheat had gained 20 euros since the start of the month, some people just wanted to take the money before going on holiday.'

However, a German trader noted that the move did not reflect a bearish shift in the market, saying 'the news is not necessarily negative, but you know what you have; you don't know what you get.'