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PARIS: European wheat prices hit new contract highs on Tuesday, buoyed by concern that dry weather in key US and Black Sea-region producing areas could cut next year’s supplies, while awaiting results from a key Algerian tender.

Benchmark December milling wheat on Paris-based Euronext hit a contract high of 203.50 euros a tonne, and by 1604 GMT was up 1% to 202.75 euros a tonne.

Russian wheat export prices rose last week due to high demand and limited supply from farmers concerned about dry weather in several regions threatening the 2021 crop.

Traders were awaiting the result of a new wheat purchase tender from Algeria, traditionally France’s most important wheat customer, which for the first time had permitted offers from Black Sea suppliers.

By 1430 GMT talks were still ongoing, they said.

In Poland, milling wheat export prices rose in the past week as a lack of farmer selling met steady demand after a series of recent overseas sales.

Polish 12.5% protein wheat rose by 15 zloty a tonne in the last week to around 860 zloty a tonne (191.8 euros) for October delivery to port silos. November delivery was 5 zloty a tonne higher.

“Despite high prices offered by exporters in ports, sales offers from the farmers are thin,” one Polish trader said.

“Some farmers are now busy with corn harvesting, while others expect still higher prices for wheat, corn and another grains following recent rises and are holding onto their stocks.”

“Poland’s current brisk wheat shipping programme is being executed only partly from the purchases from the market, but also from stocks collected by export traders during the wheat harvest.”

Large export loadings in Polish ports so far in October included ships sailing for Saudi Arabia and Turkey.—Reuters