PARIS: Euronext wheat futures closed up slightly on Thursday after earlier reaching fresh contract highs, with brisk export demand and firm Russian prices underpinning the market. December milling wheat on Paris-based Euronext settled up 1.00 euro, or 0.4%, at 269.25 euros ($311.15) a tonne.
It earlier rose to 270.00 euros, surpassing a previous life-of-contract high of 268.75 euros on Wednesday. Volumes were moderate, with many market participants attending a European grain sector gathering in Denmark. Chicago wheat ticked lower.
"The market is quieter today with a lot of people away from their desks," a French broker said.
"Export demand is there and should continue at least until the Australian and Argentine harvests arrive."
Strong prices in Russia and uncertainty about the country's wheat shipments, while it applies an export tax and considers a volume quota, were also maintaining strength in European markets. A lack of sellers and buying interest from investors were also supporting Euronext, traders said.
In Poland, prices rose in the last week.
"Some exporters are still willing to pay some proud prices for milling wheat, but Poland's exports slowed down recently due to overall high price levels," one Polish trader said.
Exporter purchase prices for Polish 12.5% protein milling wheat rose around 35 zloty on the week to about 1,200 zloty (262.9 euros) a tonne for October delivery to ports.
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