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Markets

Paris wheat follows US markets up ahead of USDA reports

  • December milling wheat on the Paris-based Euronext was up 2.25 euros, or 1.3%, at 201.75 euros ($239.26) a tonne.
12 Jul, 2021

HAMBURG: European wheat futures rose on Monday in step with Chicago as the approach of widely followed US Department of Agriculture (USDA) crop forecasts steadied prices after losses last week.

Weather risks and chart support also helped underpin prices, traders said.

December milling wheat on the Paris-based Euronext was up 2.25 euros, or 1.3%, at 201.75 euros ($239.26) a tonne at 1537 GMT, as it moved away from a three-month low of 198.50 euros struck last week.

The USDA's world supply and demand report is scheduled for release at 1600 GMT on Monday.

In Europe, a larger wheat crop was expected but a wet start to summer was raising uncertainty about harvest progress and grain quality.

Soy up 2-6 cents, corn up 1-6 cents, wheat down 1-3

More showers early this week in France are expected to cause further delays to winter barley harvesting and also slow early wheat cuttings.

"Everyone is waiting for harvest results to come in," a French trader said.

A drier, warmer spell expected from late this week could help accelerate field work and avoid serious quality deterioration, traders said.

In Germany, a continued mix of sunshine and rainfall was seen as positive for wheat crops.

"I think Germany's wheat harvest this summer will be good in terms of tonnage but the debate is now about quality with some expectations that protein levels could be lower than hoped," one German trader said.

Following rain and sunshine in Germany over the weekend, continued showers are forecast up to Friday night.

Euronext wheat and rapeseed slide

"Although positive for wheat, the rain is delaying the barley harvest with fear that barley being lodged (knocked over) starting to grow," the trader added.

Standard 12% protein wheat for September delivery in Hamburg was offered for sale little changed around 2 euros under Paris December. Buyers were seeking 4 euros under Paris.

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