London wheat slumps

London feed wheat futures settled quietly lower on Friday, with volumes failing to pick up because of ongoing disagreement over prices, dealers said.
Benchmark November wheat failed to attract any volume, but January 2005 ended the session down 35 pence at 69.85 pounds a tonne, accounting for 20 lots of a meagre total turnover of just 29.
Further out, May 2005 also lost 35 pence to close at 73.55 pounds on the back of only 6 lots.
"Business is really thin. Everyone's talking about the harvest...about how things are shaping up, so there is a bit of stand-off still in terms of pricing. Buyers aren't budging and the sellers out there don't seem too interested today," a broker said.