PARIS: Euronext wheat prices were little changed on Friday, pursuing a consolidation this week, as traders weighed firm export demand and a rally in corn and soybeans against signs of a strong global wheat supply. March milling wheat, the most active contract on Paris-based Euronext, was up 0.25 euros, or 0.1%, at 209.00 euros ($247.89) a tonne by 1347 GMT, also little changed over the week.
Wheat futures again drew support from a continuing rally in US soybeans and corn, which struck fresh four- and one-year highs, respectively. Brisk export demand was keeping physical wheat markets in Europe firm, although competitive prices of a big expected Australian crop were tempering concern about tightening global supply.
"The Australian harvest is arriving, which could limit upward price potential," Nathan Cordier, analyst with Agritel said.
"Crop conditions have also improved in the Black Sea region and rain is expected in the US Plains."
Dry sowing conditions in major Russian and US wheat belts had contributed to recent strength in prices.
In France, 95% of the expected soft wheat area for next year's harvest had been drilled and almost all winter barley was in good condition, farm office FranceAgriMer said.
In Poland, export prices were also little changed in the past week, holding at recent high levels on strong demand.
Exporter purchase prices for 12.5% protein wheat were at around 915 zloty a tonne (204.9 euros) for November delivery and 920 zloty for December delivery.
"Polish wheat remains competitive on the world market, since the premiums for rival origins like the Baltic States and Germany have risen in November," one Polish trader said.
In Gdynia, one vessel is loading 65,000 tonnes for Saudi Arabia, another 63,000 tonnes for an unnamed destination and a third 30,000 tonnes for Algeria.
In Szczecin/Swinoujscie a ship is loading 50,000 tonnes of wheat for an unnamed destination and another 30,000 tonnes for Algeria. Another has just sailed with 55,000 tonnes for Kenya.