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Euronext wheat futures rose on Monday to their highest in more than a week as growing signs of supply tensions in Russia revived hopes of a shift in export demand towards US and western European origins.
Price moves and trading volumes were moderate, however, as a holiday closure in Chicago deprived the European market of direction while the continuing US government shutdown was limiting widely followed crop data.
March milling wheat, the most active contract on the Paris-based Euronext exchange, settled 1 euro, or 0.5 percent, higher at 205 euros ($233.02) a tonne.
It earlier reached its highest since Jan. 11 at 205.25 euros but remained within this month's trading range.
Russian wheat export prices rose last week on seasonally lower supply, a stronger rouble and concerns over state plans to increase regulation, including stricter controls on exports by Russia's state agriculture watchdog.
"The potential tightening of Russian export checks and the continuing price rise in Russia are supporting the renewed competitiveness of European wheat and hopes it will capture some more demand," one futures dealer said.
European Union common wheat exports so far this season have been sluggish and are currently 27 percent below the level a year ago, EU data showed.
News that the state buying agency in Egypt, the world's biggest wheat importer, is changing payment terms also raised expectations it could be returning to tender soon.
In Germany, standard bread wheat with 12 percent protein for January delivery in Hamburg was offered for sale unchanged at 4 euros over Paris March.
"Prices in Russia are rising and are now above some German wheat grades, which is what we have been hoping for some time," one German trader said. In Poland, prices were little changed over the past week, holding at recent high levels despite slow export activity.
"Deep frosts are forecast in Poland in the coming days, which could be risky for grains and rapeseed not covered by snow in parts of the country," one Polish trader said.
Millers were offering to pay 840-880 zloty a tonne (196-205 euros) for 12.5 percent wheat for immediate delivery, barely changed from last week.
As in Germany, feed wheat was around milling wheat prices, with feed producers offering to pay about 830-870 zloty a tonne for prompt delivery. Exporter purchase offers for 12.5 percent protein wheat were unchanged at about 875 zloty a tonne for January/February delivery to ports.

Copyright Reuters, 2019

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