EU wheat rises on tight crop outlook amid strong international demand
PARIS, Aug 8 (Reuters) -European wheat rose on Thursday supported by tight supplies in rain-hit European regions and large purchasing tenders by major international buyers Algeria and Egypt, traders said.
Benchmark September milling wheat BL2c1 on Paris-based Euronext was 0.7% higher by 1600 GMT to 216.75 euros ($236.50) a metric ton.
Strategie Grains sharply lowered its monthly forecast for European Union soft wheat output and exports to its lowest in six years following worse-than-expected yields in France and Germany, pointing to additional quality concerns.
Months of heavy rain in France, the EU's biggest wheat grower and exporter, has led to a projected output of 25.6 million tons, down 27% from last year and the lowest since 1986, the consultancy said.
Rain on Wednesday, heavy at times, interrupted harvesting in north German export wheat production regions again, with some fields too wet for harvesters to work on.
"It is frustrating with more stop-start work on the harvest," one German trader said. "In some parts of Germany, there is concern the rain has caused loss of quality and yields."
More showers are forecast in Germany on Friday followed by generally dry and hot weather over the weekend, which could permit more harvest progress, traders said.
The lower EU output would weigh on exports this season, which Strategie Grains expects at 26.9 million tons, down 20% from the 33.6 million estimated for 2023/24.
Traders were waiting for the results of Algeria's wheat purchase tender, with price offers submitted on Thursday.
Initial purchases were reported at prices around $250.50 to $252 a ton, cost and freight included.
The huge tender from Egypt for 3.8 million tons on Monday could also have an impact on market liquidity.
On the oilseed market, rapeseed futures extended their rise in the wake of a jump in oil futures linked to rising tensions in the Middle East. Rapeseed is often used to produce biodiesel.
A report by the U.S. Energy Information Administration indicating higher U.S. biodiesel imports from Neste's plants in Singapore and Rotterdam was also supportive.
Prices at 1600 GMT | |||
Last | Change | Pct Move | |
Paris wheat BL2K4 | 216.75 | 1.50 | 0.70 |
Paris maize EMAc1 | 204.00 | 0.25 | 0.12 |
Paris rapeseed COMc1 | 469.50 | 9.50 | 2.07 |
CBOT wheat Wv1 | 539.25 | 1.00 | 0.19 |
CBOT corn Cv1 | 398.75 | -2.00 | -0.50 |
CBOT soy Sv1 | 1011.25 | -7.50 | -0.74 |
WTI crude oil CLc1 | 76.07 | 0.84 | 1.12 |
Euro/dlr EUR= | 1.09 | 0.00 | -0.08 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
($1 = 0.9165 euros)
Reporting by Sybille de La Hamaide in Paris and Michael Hogan in Hamburg; Editing by Alan Barona
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