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European wheat prices fell to their lowest in over a month on Wednesday, continuing their weakness after dropping through a key support level on Tuesday on forecasts of welcome rain on the parched US plains grain belt. A renewed fall in US wheat futures on Wednesday weakened sentiment. Paris May milling wheat, the benchmark on the Euronext market's main No. 2 wheat contract, closed down 1.5 euros or 0.8 percent at 185.25 euros a tonne, its lowest since March 6.
This was below the support level of 187.50 euros which it had broken on Tuesday to set a 1-month low after bouncing off that level several times.
The Euronext exchange said on Wednesday it will on May 6 launch Inter-Commodity Spread (ICS) trading between its standard milling wheat futures contract and its new premium contract in a move to boost liquidity in the thinly-traded new contract.
German cash wheat purchase offers in Hamburg remained below Paris prices, but a brisk wheat export programme in German ports supported selling prices.
Standard wheat with 12 percent protein content for delivery in Hamburg in April was offered for sale unchanged at level the Paris May contract, but buyers were offering 2 euros under Paris.
In Poland, prices fell in the last week due to weaker international markets, the strong trend in the zloty currency, good supply cover held by domestic processors and weak interest from exporters, traders said.
Polish export prices for 12.5 percent protein content wheat fell about 15 to 20 zloty on the week, with exporter purchase offers of 755 zloty a tonne (188.1 euros) for delivery in April and 760 zloty for May delivery.
"One 27,000 tonne vessel left Gdynia for Morocco and another 63,000 tonne ship left for El Dekheila in Egypt in the past days," a trader said. "Another two ships are to load a total 63,000 tonnes of wheat in the port of Gdynia this and early next week."

Copyright Reuters, 2015

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