Euronext wheat futures edged higher on Thursday to near a one-month high, supported by a weaker euro, but moves were capped by chart resistance and a cautious mood ahead of closely watched US government crop forecasts at the end of the session. March milling wheat on Paris-based Euronext was up 0.25 euro or 0.2 percent at 171.25 euros a tonne by 1634 GMT, after earlier reaching its highest since January 9 at 171.75 euros.
Grain markets were awaiting the US Department of Agriculture's (USDA) monthly report on US and world supply and demand, due at 1700 GMT. Interest in the report was focused on soybeans, given the harvest season for the oilseed in South America and strong recent US exports. Weekly European Union data showed 215,000 tonnes of soft wheat exports this week, leaving the volume so far in 2016/17 down 7 percent from a year ago at 15.1 million tonnes. German cash market premiums in Hamburg were flat and also in a restrained mood ahead of the USDA data.
Standard wheat with 12 percent protein for February delivery in Hamburg was offered for sale unchanged at 5.5 euros over the Paris March contract, buyers were seeking 4.5 euros over. In Poland, prices rose in the past week, supported by continued export demand that offset a quiet domestic market. Export purchase prices for Polish 12.5 percent protein wheat rose 5 zloty on the week to 740 zloty a tonne (171.7 euros) for February delivery to port silos. "Port loadings are pretty busy," one Polish trader said.
One vessel has just sailed with 42,000 tonnes of Polish wheat for Mozambique, another has loaded 44,000 tonnes for Nigeria and another 18,000 tonnes for Turkey, he said. Another ship has loaded a combined cargo of 8,000 tonnes of wheat and 6,000 tonnes of corn and sailed for Senegal. Polish port lineups show ships to load 60,000 tonnes, 40,000 tonnes and 30,000 tonnes.
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