PARIS: Western European wheat markets were little changed by late afternoon on Monday in keeping with Chicago prices, giving up earlier gains spurred by a purchase of US and European wheat by Egypt.
* A six-week high for the euro against the dollar, which made grain from the euro zone more expensive for export, also curbed prices in western Europe.
* January milling wheat on the Paris futures market closed down 0.50 euros or 0.19 percent at 269.00 euros a tonne, after earlier hitting an intraday high of 274.25 euros.
* After initially rebounding froma sharp fall on Friday, Chicago wheat futures lost most of their earlier gains, with traders citing pressure from corn after a low figure for weekly export inspections.
* "With Chicago easing off and the euro-dollar rate, we're not recovering any of what we lost on Friday," a futures dealer said.
* A weekend purchase of US, French and Romanian wheat by Egypt, the world's top wheat importer, had pushed prices up earlier by underscoring bullish export prospects as weather problems in several major producing countries narrowed options for buyers.
* "US and European wheat shared the spoils in the Egypt tender," an export trader said, stressing there were no bids of Russian, Ukrainian or Australian wheat and bids of Argentine wheat for January only.
* "For February and March, where can they get the grain apart from the US and the EU?"
* In Germany, the EU's No. 2 exporter after France, prices gave up earlier gains as Paris dropped from its earlier peak but with the positive export outlook and high feed wheat markets keeping prices over French levels.
* Standard milling wheat for January delivery in Hamburg was offered for sale unchanged at 280 euros a tonne with buyers at around 278 euros.
* Continued demand and tight supplies kept German feed wheat around the same level or even above milling prices. Feed wheat for January delivery in the South Oldenburg market near the Netherlands was offered for sale up 1 euro at 284 euros a tonne with buyers around 282 euros.
* "Feed wheat demand remains constant and the firm feed prices are helping to support the milling market," the trader said.
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