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European wheat futures ended narrowly mixed after a shortened pre-Christmas session that saw minimal volumes as operators continued to await clearer direction in the new year. A slight fall for Chicago wheat in electronic trade, together with continued concerns about insufficient exports to shift large supplies subdued the tone further.
In Paris, front-month January milling wheat closed down 0.25 euros at 128.75 euros a tonne while the more active March contract also eased 0.25 euros, to 131.25 euros. In London, May feed wheat edged up 0.50 pounds to 111.50 pounds a tonne in a virtually illiquid market.
London prices have drawn some support from the weakness of sterling, which extended losses against the euro on Thursday although it rose against a broadly weaker dollar. Going into 2010, slower exports compared with last year remained a concern for operators as Europe tried to shift another bumper crop. The market found some relief in news from traders that Algeria had bought 300,000 tonnes of wheat that was probably of French origin.
But this was considered too little to cut a swelling wheat surplus in France, especially given the growing strength of Russian wheat in business with Egypt, the world's top wheat importer. Comments by Egypt's trade minister in favour of boosting imports of Russian wheat, together with ambitious plans from Russia's newly launched state grain trader, highlighted the challenge facing rival origins.

Copyright Reuters, 2009

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