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Euronext wheat futures rose on Friday, driven by strength in spot prices as signs Russia may soon fill its export quota and a large sale of French wheat to Egypt reinforced expectations of robust overseas demand for European Union supplies.

A slight bounce in Chicago wheat after a four-day slide also supported Euronext prices. May milling wheat on Paris-based Euronext, was up 1.00 euro, or 0.5%, by 1530 GMT at 197.50 euros ($214.84) a tonne.

After retreating in mid-week, spot futures recovered on Thursday after a purchase of 180,000 tonnes of French wheat by Egypt in an import tender.

Together with limited selling by farmers, strong export demand kept cash premiums firm in France and distracted from weakness in domestic demand during lockdown measures to combat the new coronavirus.

"Availability of supplies for export is still limited," a futures dealer said. "This is really supporting May futures on Euronext and widening the spread with new-crop prices."

Russia's deputy agriculture minister said on Friday that the country's April-June grain export quota may be used up by mid-May or earlier.

"The signs are increasing that the Russian grain export quota is being used up faster than expected, which would be good news for EU exports," a German trader said.

"There is continued demand for German and Polish wheat, especially from importers in Africa in the face of Black Sea export restrictions. The main brake may be that available supplies of wheat for export in Germany are starting to look tight after the export surge this year."

Standard bread wheat with 12% protein for May delivery in Hamburg was offered for sale little changed at around 6 euros over the Paris May contract. Buyers were offering around 5 euros over Paris.

New-crop December futures on Euronext were up 0.25 euro at 187.50 euros, with traders weighing up parched conditions in Europe against forecasts of rain in coming days.

"New-crop prices have not lost much ground as there is still the weather risk in Europe and the Black Sea region," Nathan Cordier of consultancy Agritel said. In France, where storms are expected this weekend, the condition of soft wheat crops declined slightly in the week to April 13, farm office FranceAgriMer said.

Copyright Reuters, 2020

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