EU wheat futures little changed

25 Jan, 2017

Euronext wheat futures were little changed on Monday as a stronger euro offset support from firm US prices in a European market otherwise lacking impetus. March milling wheat on Euronext was up 0.25 euro or 0.2 percent at 170 euros a tonne at 1646 GMT.
The euro rose to a one-and-a-half month high against a broadly weaker dollar as financial markets showed concern over the first days of US President Donald Trump's administration.
A lull in physical activity in Europe also kept prices rangebound.
"The issue of the euro fluctuating is being compounded by a lack of interest among both buyers and sellers," a French cash broker said.
The dollar's weakness helped Chicago wheat turn higher in US trading, lending some knock-on support to the European market.
The euro's strength dented export sentiment in Germany, which has seen a pickup in demand in recent weeks.
"Several wheat shipments to Algeria are expected from Germany in the near future but more new export sales are needed to keep up the pace of export loadings in German ports. The strength of the euro has come at an unwelcome time when hopes are that an export window is opening," one German trader said.
German cash market premiums in Hamburg slipped, with prices also curbed by warmer weather, which reduced frost damage risks.

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