Euronext wheat eased on Wednesday, curbed by weakness in Chicago prices as rain reached some drought-hit US growing belts and a cautious mood ahead of widely followed US planting estimates. May milling wheat, the most active contract on Paris-based Euronext, settled down 0.50 euro, or 0.3 percent, at 163.00 euros ($201.19) a tonne.
The contract held in a narrow range seen in the past week since it touched a one-month low of 162 euros. Grain markets are bracing for the US Department of Agriculture's (USDA) planting report on Thursday that is closely watched for indications of how much land US farmers will devote to major crops like corn, soybeans and wheat.
"Futures traders are reluctant to take too much direction ahead of the planting report," one dealer said. A fall in the euro against the dollar helped underpin Euronext prices in the face of an earlier seven-week low for Chicago wheat.
In Germany, cash market wheat premiums in Hamburg were generally flat, with standard bread wheat with 12 percent protein content for April delivery offered for sale little changed at 4.5 euros over Paris May. "Export interest is sporadic, enough to keep premiums over Paris prices but overall the market lacks impulse," one German trader said.
"Ship loadings are at a modest level and inland prices are again higher than in ports because of the modest export demand." One ship is this week loading about 60,000 tonnes of wheat in Germany for Saudi Arabia purchased in a previous tender, while a ship has just loaded 40,000 tonnes for Israel. Feed wheat prices in Germany's South Oldenburg market were again over milling wheat, with April onwards delivery offered for sale unchanged at 175 euros a tonne with buyers seeking 174 euros.
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