EU wheat rises for third session as weak prices attract demand
PARIS/HAMBURG, Aug 29 (Reuters) -European wheat rose for a third consecutive session on Thursday, having gained nearly 5% since falling to a nearly six-month low on Monday, as the fall in prices attracted local demand amid repeated reports of poor crops in France and Germany.
Most traded December on Euronext milling wheat futures BL2Z4 up 1.2% by 1550 GMT to 215.75 euros ($239) a metric ton. It had fallen to 204.75 euros on Monday, a price not seen since March 7.
"Domestic EU demand is strong and waking up after the recent price weakness. But this is meeting low farmer selling and low liquidity," a German trader said.
"Also bullish is the poor crops in France and Germany which statistically look like tightening supplies," he said.
Still, some traders said the prices remained pressured by cheap Black Sea wheat prices.
"This strength means that EU the gets outpriced even more heavily against Black Sea wheat on the export side," one said.
French non-EU soft wheat exports in 2024/25 are expected to fall 60% to their lowest in 23 seasons at 4.1 million metric tons after rain severely hurt crops in the EU's largest producer where the wheat harvest is expected at its lowest level since 1983, Argus Media forecast on Thursday.
"It will be a special season. With little supplies and stiff competition, France will need to focus on its local markets and the EU," a French trader said.
Argus expects French wheat shipments within the bloc to remain nearly stable from last year at 6.3 million tons.
German traders noted purchase interest from British mills for high quality wheat, while lower quality feed wheat from this summer's rain damaged German harvest was of interest to Dutch feed producers.
Prices at 1550 GMT | |||
Last | Change | Pct Move | |
Paris wheat BL2Z4 | 215.75 | 2.50 | 1.17 |
Paris maize EMAc1 | 198.00 | 1.75 | 0.89 |
Paris rapeseed COMc1 | 470.75 | 9.50 | 2.06 |
CBOT wheat Wv1 | 542.50 | 1.00 | 0.18 |
CBOT corn Cv1 | 393.50 | 2.75 | 0.70 |
CBOT soy Sv1 | 988.75 | 11.75 | 1.20 |
WTI crude oil CLc1 | 75.56 | 1.04 | 1.40 |
Euro/dlr EUR= | 1.11 | 0.00 | -0.35 |
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; Editing by Krishna Chandra Eluri
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