EU wheat prices little changed

West European wheat prices were little changed on Friday in keeping with Chicago futures as traders braced for the US presidential election and monthly US crop forecasts that could both stir the market next week. December milling wheat on Paris-based Euronext settled down 0.50 euro, or 0.3 percent, at 161.75 euros a tonne, consolidating at a chart support level.
CME Group's December EU wheat contract ended unchanged on the day at 174.25 euros a tonne. "On both sides of the Atlantic there is a cautious, wait-and-see mood before the US elections and the next USDA report," one futures dealer said. In a sign of the subdued atmosphere, traders noted that volumes on Euronext were smaller than on Tuesday, which was a public holiday in France and some other European countries.
Investors have been unnerved by an increasingly uncertain outcome in the US presidential vote after a recovery in poll ratings for Republican Donald Trump. Grain markets are also building up to the US Department of Agriculture's (USDA) monthly supply and demand report on November 9, which will be watched for revised estimates of the US corn and soybean harvests.
Euronext reported on Friday that average daily volume for its commodities derivatives in October was 48,740 contracts, down 15 percent from the same month last year but up 31 percent from September. October saw rapeseed futures set a daily volume record of 26,694 contracts traded, Euronext said, supported by a global rally in oilseed and vegetable oil markets.
In Germany, cash market premiums in Hamburg were mostly flat. Standard wheat with 12 percent protein content for November delivery was offered for sale unchanged at 4 euros over the Paris December contract. Buyers were seeking 3 euros over. "A larger line-up of ships to load wheat in German ports is developing in November following a quiet period in October, which is supportive," one German trader said, citing three ships due to load 180,000 tonnes for Saudi Arabia and another three scheduled to take 90,000 tonnes to Algeria.
"This confirms a good slice of the tender purchases made by Saudi Arabia and Algeria in October will be sourced in Germany." Traders said they expected further ships to be notified for Saudi/Algerian loading this month, while another ship is likely to load wheat for Libya. In crop news, French farmers had sown 78 percent of the expected soft wheat area for next year's harvest by October 31, up from 60 percent a week earlier but behind the 86 percent progress seen a year ago, data from farm office FranceAgriMer showed.