EU wheat rises, supported by high Russian prices

PARIS/HAMBURG: European wheat edged higher on Wednesday after a big fall in the previous session, supported by strong Russian prices and concerns about Germany’s wheat crop.

Benchmark September milling wheat on Paris-based Euronext was up 0.4% at 1335 GMT to 197.50 euros per metric ton. “Euronext is not rising because the funds are selling,” a trader said, pointing to high Russian prices as supportive.

Russian farmers are starting to sell more of their new crop after an unusually slow start to new harvest sales, but are still demanding high prices as a large number of ships are waiting to load supplies in export ports, traders said.