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French wheat closed higher on Monday, helped by a rise in US futures on Friday, a stronger dollar against the euro and firm freight rates that continued to curb imports into Europe, traders said.
Euronext Paris milling wheat futures were all higher by the close, with March up 2.00 euros at 158.75 euros a tonne and May up 2.00 at 160.50.
"With the rise in Chicago, the euro/dollar position and the cost of shipping, imports are just not working out," one trader said.
US markets were closed on Monday due to the Martin Luther King Jr. holiday.
France's Rouen cash grain market was similarly firm, with January to July delivery wheat priced two euros higher at 150 a tonne.
For FOB Creil, with delivery to northern Europe, wheat was paid one euro higher than Friday at 148 euros for January/June delivery.
"Undoubtedly, it's Chicago that's driving it, even if in the short term southern Europe is reasonably well covered by imports," another added.
Feed barley tracked wheat higher with delivered Rouen prices 2.50 euros a tonne higher at 135.50 euros and internal market prices some two euros up on Friday.
Maize was also firm, indicated one euro higher in south-western France around 163 euros a tonne and three euros up FOB Rhine at 170 euros for January to September loading.
Maize futures were up between 0.50 and 1.00 euros for the two front positions, March and June.
"French maize is becoming a bit more competitive within Europe, even though millions of tonnes of imports are needed to combat our feed grain deficit," another trader added.

Copyright Reuters, 2004

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