HAMBURG: European wheat prices were flat on Tuesday, shrugging off a fall in US futures and pressure from hefty global supplies as EU markets sought new impulse.
December milling wheat
on the Paris-based Euronext exchange was unchanged at 161.50 euros ($193.44) a tonne at 1603 GMT.
The Paris market held up despite a 1.6 percent fall in Chicago wheat in early Tuesday trade and large wheat supplies available in leading global export countries.
"We must admit that the Matif (Euronext) is resisting the pressure, does not want to bend despite fundamentals that are still heavy and low export volumes," a trader said.
On the French cash market, brokers noted a significant rise in barley prices for delivery in export ports such as Rouen and Dunkirk due to lower competition from the Black Sea region.
Ukraine has already sold a large part of this summer's crop and transport congestion is holding back Russian barley exports, traders said.
German cash premiums in Hamburg were little changed, with internal market prices again unusually higher than in export ports.
Standard bread wheat with 12 percent protein content was offered for sale unchanged at 2 euros over the Paris December contract
for October delivery in Hamburg.
"There is a slight technical firmness as delivery moves from September to October but underlying premiums are unchanged," one German trader said.
"Demand in export ports is slow with the combination of Germany's poor-quality harvest this summer, the strong euro and cheap offers in international markets reducing German exports."
"We also have the added difficulty that farmers and regional traders are unwilling to sell at current low outright prices."
Internal market prices in Germany, especially for feed wheat, remained higher than in ports because of slack exports.
Feed wheat in the South Oldenburg market was offered for sale above milling wheat at 170 euros a tonne for October/December delivery, with buyers offering around 168 euros.
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