European wheat prices rose in thin trade on Friday as traders adjusted their positions before leaving for year-end holidays and remained buoyed by strong demand as buyers feared a lack of supplies. "Trade is thin ahead of Christmas but fundamentals are bullish, which means we could have a tight market until the next harvest comes in," one trader said.
By 1000 GMT front-month January on Euronext milling wheat futures which expires on January 10, was 249.00, off its contract high of 250 euros hit the previous day. March also scored a new contract high at 246.25 euros on Thursday, was up 175 euros at 246 euros.
Wheat was mixed in very light trade after hitting a 4-1/2-month high on Thursday on continued worries about tight global supplies due to dry weather in the US Plains wheat belt and an overly wet harvest season in key exporter Australia. US and German markets are closed on Friday and Euronext will exceptionally close at 1300 GMT for Christmas.
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