European wheat futures prices little changed

European wheat futures prices in Paris were little changed on Wednesday in thin pre-Christmas holiday trading as a stronger euro depressed export hopes. March milling wheat, the most active contract on the Paris-based Euronext exchange, closed unchanged at 168 euros a tonne. Traders were weighing up the impact of the strength in the euro after export hopes had been boosted by recent euro weakness.
"It was a quiet session, with many people heading off on holiday, with even the stock (equity) markets pretty calm," one futures dealer said. The euro rose against the dollar as the greenback steadied above a 14-year low struck on Tuesday. Upward momentum in the EU wheat market remained curbed by ample global supplies and stiff export competition, as illustrated by a tender held by Egypt on Tuesday, whereby the world's biggest wheat importer bought Argentine, Russian and Romanian wheat.
Weekly European Union export data, released by French farm office FranceAgriMer ahead of the usual Thursday publication time, showed that the EU exported 240,000 tonnes in the week to December 20. Cumulative exports so far in 2016/17 were level with the volume seen a year ago at 11.9 million tonnes, having previously run ahead of last season's exports.
German cash market premiums in Hamburg were firmer on lack of selling. Standard wheat with 12 percent protein content for January delivery in Hamburg was offered for sale at 4 euros over the Paris March contract against 3.5 euros over on Tuesday. Buyers were seeking 3 euros over. "There is unwillingness among farmers and regional wheat traders to sell below a certain price level as Paris ticks up and down," one German trader said. "It is getting difficult to gather loads of around 30,000 tonnes for first-half January delivery in Hamburg because of a lack of willingness to sell." "The stronger trend in the dollar in past days will be positive for European exports and I expect a reasonable ship loading programme in Germany and Poland in January."