European wheat prices were little changed in hesitant trading on Wednesday, torn between a fall in Chicago on forecasts for rain in the drought-parched US Plains and hopes that Egypt may buy French wheat in a tender later in the day. By 1118 GMT benchmark November on Paris-based milling wheat futures was unchanged at 259.25 euros a tonne after trading between 257.00 and 259.50 euros earlier.
Egypt, the world's largest wheat importer, is tendering to buy an unspecified volume of wheat from global suppliers for December 11-20 shipment. The country had been buying wheat mainly from the Black Sea region but supplies are tightening after drought this year and it has boosted purchases of French wheat in recent tenders. "Bids will mainly be for French and Romanian wheat but we can't exclude a surprise offer for Argentine grain," one trader said.
On September 26, Cairo bought 180,000 tonnes of French wheat and 120,000 tonnes of Romanian wheat Some traders questioned remaining availability in Romania after heavy sales, with Black Sea wheat also the cheapest offer in Iraq's wheat tender. In Chicago, wheat futures fell for the seventh time in eight sessions on the forecasts for rain in the US Plains, which was expected to boost winter wheat planting. Investment bank Goldman Sachs said it expected CBOT corn and wheat prices to outperform soybean prices over the next few months due to bigger-than-expected US soybean supplies reported by the government last week.
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