PARIS: Euronext wheat closed almost unchanged on Monday as a US holiday closure removed usual impetus while traders assessed export prospects.
Benchmark December milling wheat on Paris-based Euronext settled up 0.25 euro, or 0.1%, at 188.50 euros ($222.68) a tonne.
It was consolidating below a seven-week high of 189.00 euros struck on Thursday and again on Friday.
Volumes were light as the US Labor Day holiday kept Chicago grain markets shut, while traders were also awaiting US crop data later this week.
Grain markets have been buoyed in the past two weeks by brisk Chinese demand for US grain, along with concern over weather damage to Midwest crops.
A sharp rise in Russian export prices has further supported Euronext but the Russian market has also consolidated since late last week.
In France, cash premiums have declined amid a lull in export activity and as traders wait for the maize harvest.
In Germany, 12% protein new-crop wheat for September onwards delivery in Hamburg was offered for sale at around 2.5 euros under the Paris December contract, compared with 2 euros under for much of last week.
That was still far relatively far from the level of buyers, who were now seeking about 4 euros under Paris.
"Buyers say Germany's harvest was decent compared to the poor crops in France and Britain with sufficient supplies available, and that low prices offered Poland and the Baltic States are likely to win the main export business in coming months," a German trader said.
British mills continued their recent buying in Germany after the poor crop in the country, with another shipment of about 6,000 tonnes of wheat sailing to the UK last week.
Total soft wheat exports from the EU and Britain so far this season were running 44% below last season's level, EU data showed.
Comments
Comments are closed for this article.