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Markets

EU wheat edges lower in subdued trade, awaits USDA report

  • Benchmark December milling wheat on Paris-based Euronext was down 0.25%.
  • Traders were taking a relaxed view of heavy rain and storms in parts of south Germany in recent days.
Published June 30, 2021

PARIS: European wheat prices eased in light trade on Wednesday ahead of a key US government report later in the day, while traders were still assessing the size of the upcoming harvest.

Benchmark December milling wheat on Paris-based Euronext was down 0.25% at 1135 GMT to 203.00 euros a tonne.

Volumes traded were relatively low as operators were awaiting the release of the US Department of Agriculture's (USDA) widely followed US acreage report later on Wednesday.

Traders were also assessing the impact of rainy weather on crops in France, the European Union's largest producer of the grain, with drier, warmer weather forecast from next week seen key for the final yields.

Favourable winter-wheat harvest prospects across Europe and the Black Sea region, including in top wheat exporter Russia, have curbed prices this month.

In Germany, the focus also remained on forecasts for more crop-friendly rain.

Rain on Wednesday, with more forecast up to Saturday, is welcome for crops after recent hot and dry weather. Trader estimates are that Germany's 2021 wheat crop will be up about 1 million tonnes on the year to about 23 million tonnes.

"I think there is still optimism that Germany's wheat crop will be well up on the year but there is a mixed picture developing of wheat yields," one German trader said.

While wheat in areas of east and north Germany suffered from high temperatures and lack of rain, the final output could be balanced by higher yields than estimated previously in the west and the south, he said.

Traders were taking a relaxed view of heavy rain and storms in parts of south Germany in recent days.

"Damage from storms this week is expected to be only local and no significant impact on the national crop picture is expected," one said.

Standard 12% protein wheat for September delivery in Hamburg was offered for sale little changed at around 1.5 euros under Paris December. Buyers were seeking 2.5 euros under Paris.

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