Euronext wheat futures ended unchanged on Tuesday as traders scarcely reacted to new US crop estimates from the US Department of Agriculture (USDA), awaiting the outcome of a new import purchase tender from Algeria.
Benchmark May milling wheat futures on the Paris-based Euronext unofficially closed unchanged at 196.25 euros ($215.80) a tonne.
Chicago wheat was down 0.1% in early Tuesday trade after the USDA estimated US farmers have planted more corn than analysts had expected, possibly signalling greater competition for wheat in animal feed markets.
Paris wheat had been up 0.5 euro just before the report was published at 1600 GMT.
The Paris May contract was holding near last week's two-month high of 198 euros, and ended March with a monthly gain of some 6.5% and the first quarter with a rise of almost 4%.
A sharp drop in the euro against the dollar helped keep Euronext supported as traders awaited the results of a new wheat purchase tender by Algeria, the largest overseas buyer of French wheat.
Algeria made a relatively small purchase in a previous tender last week and its new tender sought wheat for the same period.
Wheat markets rose this month on signs of extra food demand and moves by some countries to restrict exports in response to the coronavirus pandemic. Brisk European Union wheat exports kept physical premiums well supported.
In Germany, cash premiums in Hamburg remained underpinned by expectations of more export demand after Russia's moves to restrict grain exports, but demand from mills was receding as coronavirus-driven panic buying by shoppers faded.
Standard bread wheat with 12% protein for April delivery in Hamburg was offered for sale unchanged at around 5.0 euros over the Paris May contract. Buyers were offering around 4.0 euros over Paris.
"If Russia does approve export restrictions, that could transfer some sales to the EU later in the season," one German trader said.
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