Paris wheat futures were weaker on Tuesday, again facing headwinds because of worries whether west Europe's wheat exports will revive after a slow start to the season. March milling wheat, the most active contract on the Paris-based Euronext exchange, unofficially closed down 0.75 euro, or 0.3 percent, at 203.00 euros ($231.10) a tonne.
Earlier in the day, March dropped to 202.75 euros, revisiting the 2019 low hit on Jan. 2. "West EU exports remain sluggish and there is a risk-avoidance mood today as the outcome of the Brexit vote in the British parliament is awaited," one German trader said.
"The vote could cause waves in financial and commodity markets." EU wheat exports have suffered from heated competition from the Black Sea region, especially Russia, in past months. Hopes reduced supplies in Russia after its recent export surge could create export demand for EU wheat were weakened on Monday after the Russian agriculture ministry estimated 2018/19 grain shipments would remain brisk.
In Germany, cash premiums in Hamburg were flat. Standard bread wheat with 12 percent protein for January delivery in Hamburg was offered for sale unchanged at 3.0 euros over Paris March. Feed wheat in the South Oldenburg market for January/March delivery was offered for sale above milling wheat at around 217 euros a tonne, with buyers at around 216 euros.
In Poland, prices rose in the past week as demand returned after the holiday period, but with export shipments remaining quiet. Millers raised purchase offers by 5 zloty on the week for 12.5 percent protein milling wheat to 840-875 zloty (196-204 euros) a tonne for January delivery. Feed wheat prices were little changed on the week at 830-870 zloty a tonne. Export prices for 12.5 percent protein wheat also rose 5 zloty on the week to around 875 zloty a tonne for January/February delivery to ports.