European wheat futures ended a subdued trading week little changed as the market remained poised between slow farmer selling and tough export competition. December milling wheat on the Paris-based Euronext exchange settled 0.25 euro, or 0.2 percent, lower on Friday at 161.25 euros ($189.89) a tonne. The contract was also down slightly over the week, showing a 0.75 euro fall versus last Friday's close.
Euronext failed to get clear direction from Chicago wheat , the global price benchmark, which edged higher in overnight trade before turning slightly lower in the US session."On the physical market, there was a slight increase in premiums due to sellers holding back and the need to cover some export loadings," a grain broker in France said.
"But the pace of loadings for Algeria, our main export market, is easing and prices being quoted for Morocco don't suggest any upside for the physical market." Morocco's decision to bring forward by a month the start of its import season to December 1 has raised expectations of fresh French exports, although Russian competition was expected to be stiff, as in other overseas markets.
An easing in the euro against the dollar on Friday gave some respite to the European market, although traders said the euro remained well above levels seen at the start of the export season.
In Germany, cash premiums in Hamburg were also little changed. Standard bread wheat with 12 percent protein content was offered for sale unchanged at 1 euro over the Paris December contract for October delivery in Hamburg. Buyers were seeking level Paris.
"Paris Euronext prices have hardly moved and the euro remains stubbornly high and at a level which is a barrier for exports," one German trader said. "Feed wheat is the main point of interest again." Feed wheat in the South Oldenburg market was again quoted above milling wheat, offered for sale down 1 euro at 172 euros a tonne for October/December delivery, with buyers offering around 171 euros.