Euronext wheat futures were little changed on Monday as concerns over an escalation in tensions between the United States and Iran encouraged prices to consolidate below a six-month high struck last year. Benchmark March milling wheat on Paris-based Euronext, settled 0.25 euro, or 0.1%, lower at 188.25 euros ($210.69) a tonne.
It had risen on Thursday to 190.75 euros, its highest level since June 28, before falling back on Friday as news of the killing of an Iranian general by Washington caused widespread concern among investors about conflict in the Middle East.
"Markets are concerned about whether the sudden blow-up in tension between the US and Iran will disrupt commodity trade flows," a German trader said. "Frankly it is anyone's guess what will happen and it's little use speculating."
Grain markets were also awaiting fundamental direction from US government crop estimates later this week, while many market participants were yet to resume active trading after the Christmas and New Year holiday period, traders said.
Chicago wheat, which rose to a 16-month high last week as part of a year-end rally in crop markets fuelled by an initial US-Chinese trade agreement, eased on Monday for a second straight session.
The European Commission said a technical problem prevented it from publishing European Union export and import data for grains and oilseeds on Monday.
The Commission had been due to resume reporting weekly data after a break last week because of the holidays.
In France, the wheat market was also waiting to see if transport strikes over pension reform will resume this week as a series of vessels are due to be loaded for Morocco.
In Germany, cash premiums in Hamburg remained positive versus Euronext, supported by expectations that a steady flow of German exports will continue in January.
Standard bread wheat with 12% protein for January delivery in Hamburg was offered for sale at 4.5 euros over the Paris March contract against 5 euros over on Friday. Buyers were offering up to 3.5 euros over Paris.
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