European wheat prices were mixed on Monday, torn between a thin euro rebound against the dollar and a lack of quality wheat supplies. Euro weakness had supported prices in previous sessions.
Most active December milling wheat on Paris-based Euronext was up 0.50 euro by 1631 GMT at a three month high of 168.00 euros a tonne. March, which has a higher open interest, was 0.25 euro lower at 170.50 euros a tonne. CME Group's December EU wheat contract was down 1.25 euros at 181.75 euros a tonne.
US wheat touched its highest level in more than a week on Monday on expectations for reduced plantings and risks to crops from dry weather, but prices turned around in later trade in continued pressure from large inventories.
"Without the support of the euro and from Chicago, the firmness seen over the past days is more hesitant but the difficulty in finding wheat of exportable quality on the physical market remains," a broker said.
US markets will pause for Thanksgiving later in the week. The European Union's crop-monitoring service said on Monday there were some delays in sowing and emergence of winter cereals and more serious problems for rapeseed, which has been severely affected by dry weather.
German cash market premiums in Hamburg were underpinned by export-boosting euro weakness in past days.
Standard wheat with 12 percent protein content for January delivery in Hamburg was offered for sale unchanged at 2.5 euros over the Paris March contract. Buyers were seeking 1.5 euros over.
Polish prices were firm in the last week due to strong exports, recent currency weakness and lack of farmer selling.
Polish mills raised purchase offers for 12.5 percent protein wheat for November delivery by 20 zloty on the week to 620 to 670 zloty (140 to 151 euros) a tonne depending on region.
Export purchase offers for 12.5 percent protein wheat rose by 15 zloty on the week to around 715 zloty a tonne for spot delivery to ports.
"Strong export prices as export hopes rise following currency weakness have been supporting domestic prices," a Polish trader said. "Poland's exports are continuing at a remarkably fast rate."
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