European wheat prices were slightly firmer on Tuesday, supported by technical trading but facing downward pressure from lower corn and soybean markets in the United States, traders said. December milling wheat on the Paris-based Euronext exchange closed up 0.25 euro or 0.1 percent at 159.75 euros ($187.95) a tonne. December was supported by technical factors linked to the contract option's expiry on Wednesday and some spread trading between different delivery contracts, traders said.
The overall picture remained depressed due to large global wheat supplies and despite a rebound in international wheat demand in past days, traders said. "There is definitively enough wheat for everyone," one trader said. German cash premiums in Hamburg were little changed, with support coming from hopes that firm prices in other Baltic Sea exporters could bring more sales to Germany while high animal feed prices also underpinned.
Standard bread wheat with 12 percent protein content was offered for sale unchanged at 3 euros over the Paris December contract for November delivery in Hamburg. Buyers were offering around 2.50 to 2.75 euros over Paris following trade at 3 euros over on Monday. "Other Baltic Sea exporters such as Lithuania are starting to give up their price advantage following their recent strong export sales and we are starting to see a few more inquiries for German wheat," one German trader said. "But ship loadings in German ports remain modest."
One ship is set to load 25,000 tonnes of wheat in Germany for Cuba, but the business was agreed some time ago. High feed wheat prices again attracted sales of milling wheat for animal feed.
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