PARIS: Euronext wheat edged lower on Thursday in light trading as a US holiday removed impetus while an export-fuelled spike in front-month futures faded, dealers said.
March milling wheat on Paris-based Euronext was down 0.2% at 318.25 euros ($331.08) by 1634 GMT.
Front-month December futures were 1.1% lower at 323.75 euros a tonne.
The contract earlier reached a one-week low as it moved further back from Tuesday’s two-week high of 341.25 euros.
Chatter about heavy export demand from China for shipment in the coming weeks had fanned short-covering in the December futures earlier this week amid falling liquidity before next month’s expiry.
Chicago wheat did not trade due to Thursday’s Thanksgiving holiday.
Traders were also looking ahead to large tenders from Pakistan and Turkey due to close next week, with a focus on whether Russian wheat would again prove competitive.
In Poland, physical prices dropped this week, despite reports of unusual sales of Polish wheat to the United States.
“The weaker trend on Euronext coupled with more volumes of Ukrainian feed wheat and corn offered for sale pressured prices,” a Polish trader said.
“But demand from exporters is providing support.” Export prices for Polish 12.5% protein wheat dropped 10 zlotys on the week to around 1,530 zlotys (325.6 euros) a tonne for December/January delivery to ports.
“There is growing talk that least two consignments of high protein Polish wheat totalling about 80,000 tonnes were sold to Florida. Port loadings in Poland are also more active,” the trader added.
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