European wheat prices were mostly unchanged on Tuesday despite weaker US grains markets, supported by the fall of the euro against the dollar to a new 14-year low. Traders were also awaiting the results of Egypt's tender to buy wheat for shipment between January 20-31, 2017. The lowest offer in c&f terms including ocean shipping cost was from Argentina at $197.15 a tonne, traders said.
If accepted it would be state buyer GASC's first purchase of Argentine wheat this season. March milling wheat on Paris-based Euronext, was unchanged by 1620 GMT at 167.75 euros a tonne. CME Group's March EU wheat contract was also stable at 174.25 euros a tonne.
"Activity is very slow and next week should be even quieter in the absence of many traders. However, the already low level of prices a lack of sellers and the weak euro could support prices slightly" a Euronext trader said. A weak euro makes euro-denominated products more competitive on world markets.
German cash market premiums in Hamburg were mostly stable, also underpinned by the weakness in the European currency. Standard wheat with 12 percent protein content for January delivery in Hamburg was offered for sale at an unchanged 3.5 euros over the Paris March contract. Buyers were seeking 3 euros over.