EU wheat buoyed by strong demand and poor French crop but US market weighs
PARIS, Aug 7 (Reuters) -European wheat futures were mostly firm on Wednesday, supported by international demand, notably from Egypt and Algeria, and ongoing concerns about the harvest in France, the European Union's largest grower of the cereal.
Front-month September milling wheat BL2c1 on Euronext ended 2.5 euros lower at 215.75 euros a metric ton, following a fall on U.S. markets, but the most-traded December contract BL2Z4 was stable and further deliveries were trading higher.
"The huge tender from Egypt and from big buyer Algeria are supportive today with Jordan also tendering again for wheat," one trader said.
Egypt's state grains buyer GASC on Tuesday announced a massive tender for 3.8 million tons of wheat for import between October 2024 and April 2025 but with payment only after 270 days.
"Cheap Black Sea supplies, especially Russian, must be expected to win the main business in Egypt and Algeria but the tenders are positive because of their potential to suck a lot of Black Sea wheat out of the export market, perhaps giving EU wheat a greater chance in coming months," a German trader said.
"Black Sea wheat currently is over $20 a ton cheaper than the west EU," he added.
Russian 11.5% protein wheat for August/September Black Sea shipment was on Wednesday around $210-$211 a ton FOB. Traders said Ukrainian 11.5% wheat was even cheaper at $215-$218 a ton FOB with large volumes being exported from Ukrainian seaports as Russia continues to refrain from attacking grain ships.
Germany’s harvest was again facing interruption from widespread showers on Wednesday and into the weekend following repeated disruption by rain in past weeks.
“This is a disappointment but temperatures are forecast to be high which should allow harvesting to resume quickly,” a trader said.
“There is market discussion about quality loss to German wheat from the rain following the problems in France but it’s too early to make a realistic assessment about Germany’s damage.”
Prices at 1635 GMT | |||
Last | Change | Pct Move | |
Paris wheat BL2K4 | 215.75 | -2.50 | -1.15 |
Paris maize EMAc1 | 203.50 | 0.25 | 0.12 |
Paris rapeseed COMc1 | 459.75 | 10.00 | 2.22 |
CBOT wheat Wv1 | 538.75 | -4.50 | -0.83 |
CBOT corn Cv1 | 401.00 | -4.25 | -1.05 |
CBOT soy Sv1 | 1020.75 | -6.00 | -0.58 |
WTI crude oil CLc1 | 75.48 | 2.28 | 3.11 |
Euro/dlr EUR= | 1.09 | 0.00 | -0.06 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
Reporting by Sybille de La Hamaide in Paris and Michael Hogan in Hamburg
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