EU holds wheat subsidy steady

The European Union maintained its wheat export subsidy at a maximum of 7.50 euros a tonne on Thursday but the volume covered dropped to 139,500 tonnes from more than 280,000 last week.
The decision by the EU's grain management committee is unlikely to cheer exporters, who have been calling for subsidies above 10 euros to counter strong competition in north African markets from cheaper Black Sea grain.
French wheat futures closed unchanged with the front two positions at 108.50 and 109.75 euros respectively.
Tunisia's state grain agency Office des Cereales bought 125,000 tonnes of soft milling wheat in a tender at prices likely to make it of Black Sea origin.
The wheat was purchased in five 25,000-tonne cargoes at $136.78, $137.83, $138.08, $138.33 and $139.78 a tonne C&F for November to December shipments.