European wheat futures end up

Benchmark Euronext milling wheat futures closed the year at 248.00 euros a tonne on Monday, posting a 68 percent gain on final 2006 prices as worries over a global supply crunch fuelled a spectacular rally. The Paris-traded March contract finished down 4.00 euros on the day on mild end-of-year profit-taking, as the market took its cue from weaker Chicago Board of Trade prices.
The Euronext second position closed 2006 at 147.25 euros and peaked at 300 euros a tonne in early September, 2007. "Without fresh fundamental news, prices are coming under pressure from profit-taking and from weather conditions which are remaining favourable for the moment," one analyst said. CBoT March wheat was quoted down 4 cents at $8.81 a bushel, well off the record earlier this month of above $10.00.