Euronext wheat futures were little changed on Monday as US markets were closed for a public holiday, while continued weakness in the euro kept attention focused on a favourable export trend for European supplies. Front-month March milling wheat on Paris-based Euronext settled unchanged on the day at 194.00 euros ($210.18) a tonne, while the May contract ticked down 0.75 euro to 192.00 euros.
The expiry of options on March futures also led to some adjustments, traders said. US markets, including Chicago grain futures, were closed for the Presidents Day holiday. The euro slipped to another near three-year low against the dollar, helping the export competitiveness of western European grain in the face of easing Russian prices.
"French and other European wheat is benefiting from a considerable boost in the slide in the euro-dollar rate to around $1.0830, its lowest in almost three years," consultancy Agritel said in a note. "This support is offsetting the fall in prices underway on international markets, notably for Black Sea origins."
Weekly European Union data showed the bloc had exported 18.0 million tonnes of soft wheat so far in the 2019/20 season that started last July, up 70% from a year earlier. The favourable export context kept physical premiums steady in France and Germany, traders said.
In Germany, standard bread wheat with 12% protein for March delivery in Hamburg was offered for sale unchanged at 5.0 euros over the Paris March contract. Buyers were offering up to 4.0 euros over Paris. "The strong programme of ships loading wheat in German ports continues this week with loadings including a vessel taking on 65,000 tonnes for Saudi Arabia and another 60,000 tonnes for Turkey," one German trader said.
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