Euronext wheat futures ended flat to slightly higher on Wednesday, supported by a bounce in US prices but curbed by improved crop weather in western Europe. May milling wheat on the Paris-based Euronext exchange settled unchanged on the day at 164.50 euros ($203.80) a tonne. Further-away delivery positions closed up slightly.
Volumes were light, with traders awaiting clearer signs about prospects for this summer's harvest. US futures rose for a second day, as weather forecasts calling for drier weather next week turned attention back towards drought in the US Plains after the return of rain pushed prices lower at the start of the week. "Everyone is watching the weather at the moment," Arthur Portier of consultancy Agritel said. "People are waiting for the next news in this weather market."
A warm, dry spell in western Europe this week was expected to benefit crops after a cold, damp start to spring. In France, physical premiums eased further, suggesting the grain industry is managing to work around on-off rail stoppages that are disrupting freight. But traders said there was still the risk of disruption if strikes continue, particularly as France is currently seeing healthy loading activity at ports.