European wheat futures weakened on Thursday after a fall on US markets while front month May, the last contract for the current season, tumbled as much as 6 percent before its expiry on Monday. December milling wheat, the new-crop benchmark on Euronext, was down 0.50 euro or 0.3 percent by 1610 GMT to 174.00 euros a tonne.
"The market is mainly impacted by the fall in Chicago," a trader said. US wheat was hit by profit taking after a sharp rally on Wednesday on reports of poor yields from a crop tour of Kansas. Euronext May was 5.4 percent lower at 161.75 euros a tonne after tumbling as low as 160.00 euros ahead of its expiry on Monday, May 11. Friday is a bank holiday in France.
Customs data showed France exported 1.5 million tonnes of soft wheat outside the EU in March, the largest monthly volume so far in the July/June 2014/15 season. However, weekly EU export data have shown a slowdown in EU wheat sales since early April, with only 273,000 tonnes granted on Thursday, as exports were penalised by a rebound in the euro. German cash wheat premiums in Hamburg were firmer, with lack of farmer selling supporting.
Standard wheat with 12 percent protein content for May delivery in Hamburg was offered for sale at a premium of 5 euros over the Paris December contract against 4 euros over on Wednesday. Buyers were offering 4 euros over. "There is a lack of selling interest today with producers dissatisfied with current low outright levels," one German trader said. In Poland, old crop prices were little changed in the last week as brisk exports continued, but favourable weather weakened new crop prices. Prices for wheat with 12.5 percent protein fell about 10 zloty a tonne this week to around 680 zloty a tonne (168 euros) for September delivery. "Export activity remains supportive with a large ship loading programme continuing," one Polish trader said.