European wheat prices were little changed on Thursday as traders awaited further clues on the impact of the fast-spreading coronavirus on global economic growth and grain demand.
Prices were also torn between a rise on US wheat markets and strength in the euro against the dollar, which makes euro-denominated grains less competitive on world markets, traders said.
Benchmark May milling wheat on Paris-based Euronext was unchanged by 1721 GMT at 184.25 euros a tonne.
"We are in a quiet but nervous market that is influenced by financial markets, with wheat certainly not seen as a safe haven," a trader said.
"This virus crisis is also an excuse for some to reduce their exposure after a strong rise in the past months," he said.
German cash premiums in Hamburg were hardly changed with the recent slump in Paris prices holding back selling by farmers.
Standard bread wheat with 12% protein for April delivery in Hamburg was offered for sale little changed at 5.0 to 5.5 euros over the Paris May contract. Buyers were offering around 4.0 to 4.5 euros over Paris.
"Selling remains at low levels, with prices down around 10 euros a tonne since Euronext crashed in late February on the coronavirus worries," one trader said. "This is making premiums difficult to assess today."
"Coronavirus continues to generate great uncertainty with the number of cases in Germany and elsewhere in Europe rising steadily," a German trader said.
"Meanwhile, the winter in Germany remains remarkably warm and frost damage to crops is hardly seen anywhere, and the outlook for the new harvest is good at this moment."
A good volume of rain in February means soil water reserves have been increased following the dry summer, he added.
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