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European wheat prices rose sharply on Wednesday in the wake of a rally in Chicago where wheat reached its highest in more than five weeks, supported by short-covering amid persistent concerns about adverse weather curtailing harvest expectations. A fall of the euro against the dollar also supported European markets.
May milling wheat on Paris-based Euronext closed 1.2 percent higher at 165.50 euros a tonne. New crop December which has an open interest now larger than the May contract, closed 1.5 percent higher at 172.50 euros. On the Chicago Board of Trade (CBOT), wheat continued to rise after Euronext's close and was up 3.1 percent by 1814 GMT.
"The weather market is clearly driving Chicago and the Matif (Euronext) is following through," a Euronext trader said. Operators also pointed to dry weather conditions expected in the coming days in central Europe, Ukraine and Russia where crops are entering the key heading stage. In France, the market was also supported by Algeria's first tender to buy milling wheat for the new campaign.
In Germany, cash market milling wheat premiums in Hamburg were little changed with support largely coming from high feed wheat prices rather than exports. Standard bread wheat with 12 percent protein content for May delivery in Hamburg was offered for sale flat at 4.5 euros over Paris May. Feed wheat prices in Germany's South Oldenburg market were again over milling wheat, with May onwards delivery offered for sale unchanged at 178 euros a tonne with buyers seeking 177 euros.
"Exports remain only sporadic with strong competition coming from Russia and other Black Sea suppliers," one German trader said. "Port loadings remain modest in past days with 40,000 tonnes of wheat loaded in Germany for Mozambique but otherwise little going on." "More demand coming from the domestic markets, especially for feed wheat."

Copyright Reuters, 2018

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