European wheat futures were little changed on Friday as a tough export season continued to weigh on sentiment, while livestock feed makers again provided some demand. Chart support also underpinned futures near recent lows, while reluctant selling by farmers also lent general support.
March milling wheat, the most active contract on the Paris-based Euronext exchange, was up 0.25 euro at 160.25 euros ($188.58) a tonne by 1623 GMT in very thin volumes.
The contract again held the 160 euros support level after briefly slipping to a two-week low of 159.75 euros on Thursday. The European market was not given any impetus by Chicago, where wheat futures struggled to hold on to earlier gains and remained near an 11-month low touched this week.
"The 160 euro mark is acting as an important psychological support level but there are good reasons for the market to go lower," one futures dealer said. Supply and demand fundamentals have pressured wheat markets this season, with a record Russian harvest intensifying export competition and leaving European Union shipments well below last season's level.
In Germany, feed wheat prices remained higher than at some port markets. Standard bread wheat with 12 percent protein content for January delivery in Hamburg was offered for sale unchanged at 3.5-4 euros over Paris March.
Comments
Comments are closed for this article.