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Markets

Paris wheat consolidates before USDA crop report

  • March milling wheat on Paris-based Euronext was up 0.25 euros or 0.1% at 226.75 euros a tonne.
  • Chicago corn futures rose to a new 7-1/2-year high earlier on Tuesday as investors anticipated the USDA would reduce US and global supplies of the feed grain.
Published February 9, 2021

PARIS: Euronext wheat was little changed on Tuesday as traders awaited world crop forecasts from the US Department of Agriculture (USDA) while seeing limited immediate threat to European crops from a cold spell.

March milling wheat on Paris-based Euronext was up 0.25 euros or 0.1% at 226.75 euros a tonne at 1556 GMT.

Grain markets were focused on the USDA's monthly world crop report due at 1700 GMT, with attention centered on US corn supply after massive export sales to China.

Chicago corn futures rose to a new 7-1/2-year high earlier on Tuesday as investors anticipated the USDA would reduce US and global supplies of the feed grain.

"The USDA report is all about corn," a futures dealer said.

Wintry conditions were seen as more of a threat in the US Plains where some crops could face extreme cold this week with limited snow cover.

In Europe, subzero temperatures in France were not expected to be sufficiently severe or long-lasting to damage wheat, while widespread snow was seen generally protecting crops in central and eastern Europe.

"Snow cover is sufficient in most of the country and I am not currently concerned about damage winter wheat and other winter grains," one trader in Germany said.

"But in parts of north and north east Germany north of Hannover snow is sometimes thin which could cause local problems with rapeseed."

German traders were more concerned about the freezing over of canals hampering logistics, although shipping on the river Rhine resumed after a period of high water as low temperatures stopped snow from melting.

Standard milling wheat with 12% protein for February delivery in Hamburg was offered for sale unchanged at around 6 euros over Paris March, but with a wide gap from buyers seeking about 4 euros over Paris.

France's farm ministry raised its estimate of the 2021 winter soft wheat area, confirming a rebound from a rain-hit sowing season the previous year, while also saying farmers planned to devote much less area to spring crops.

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