PARIS: Euronext wheat was little changed on Friday as improving crop conditions in Europe and a firm euro offset support from weather-fuelled gains for US grain futures.
September milling wheat on Euronext was down 0.25 euros, or 0.1%, at 215.25 euros ($261.87) a tonne by 1600 GMT.
The contract was up nearly 2% over the week, having held some of its gains from a rally to a 2-1/2 week high of 221.50 euros on Wednesday.
Chicago wheat and corn futures rebounded on Friday as the dollar eased and concerns about hot, dry weather persisted.
In contrast, a warm spell in Europe is expected to boost crops after a chilly start to spring.
“Everything is looking good for crops in France,” a French trader said, adding the concerns were more over the corn harvest in South America or spring wheat in the United States.
Export activity in France has eased as the end of the season looms, with attention turning to an expected busy programme of new-crop wheat and barley shipments to China this summer.
June maize futures spiked over 12% to reach 285 euros a tonne, a record high for a Euronext maize contract, as tensions in global maize markets exacerbated volatility before Monday’s expiry of June futures.
In Sweden, wheat market activity was light.
“Marketwise, old crop is quiet and the focus is on the new crop. Selling has been slow from the farmers the last two weeks due to expectations of possible higher prices,” one trader said.
Buyers are offering 2 to 3 euros under Euronext December for handysize vessel shipments for 11% protein Swedish milling wheat for September delivery.
The trader added winter crops were in “a normal to good condition” and warmer weather in the last week had helped.
“However, heavy rainfall in May has prevented farmers in central Sweden completing some spring drilling in time. We still see fields unseeded and now we might expect some down adjustment in the total acreage for the Swedish spring grains.
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