HAMBURG: European wheat futures rose on Wednesday to a one-week high, supported by earlier strength in Chicago and positive export news.
December milling wheat on the Paris-based Euronext exchange was up 0.75 euro or 0.4 percent at 162.00 euros a tonne at 1558 GMT.
It earlier hit 162.75 euros, its highest since Oct. 17, before paring gains as Chicago prices also fell back
."Chicago short-covering was the catalyst," a futures dealer said. "New Egypt guidelines also probably offer some succour to non-Russian origins."
The Egyptian government's move to provide a guide to wheat import rules was welcomed as a sign that disputes over quality standards could end, helping French sales.
News that Brazil was considering a duty-free wheat import quota of 750,000 tonnes after a rain-hit local harvest also raised the prospect of extra demand.
A rise in the value of the euro limited upward movement on Euronext wheat.
German cash premiums in Hamburg were flat with pessimism about Germany's export prospects after the euro's recent firm trend.
"Markets are unchanged in overall terms but with the move over to November delivery causing some premium alterations," one German trader said.
Standard bread wheat with 12 percent protein content was offered for sale unchanged at 2.50 euros over the Paris December contract
for November delivery in Hamburg, buyers were seeking 1 euro over Paris.
In Poland, prices were mixed.
"The domestic wheat and feed grain market is firm due to strong demand from the feed producers and flour mills but weaker on the export side due to depressed export shipments," one Polish trader said.
Polish internal market milling wheat prices rose 10 zloty on the week to 650-690 zloty (153.5-162.9 euros) for 12.5 percent protein grade for immediate delivery.
But Polish exporters lowered their prices by 30 zloty on the week for 14 percent protein wheat to 715-720 zloty a tonne for delivery to port in October. For 12.5 percent protein wheat, offers by exporters were unchanged at 665-670 zloty.
"Exports from Poland are still weak," the trader said. "I estimate Poland will export around 200,000 tonnes of wheat via ports in October. This is disappointingly low, this time last year we did that level almost weekly."
One ship has just left Gdynia with 66,000 tonnes of wheat for Saudi Arabia and another left with 33,500 tonnes for Nigeria. The only ship loading was taking on 15,000 tonnes in Gdansk for Spain, he said.
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