Paris wheat follows Chicago higher after U.S. stocks report
Adds closing prices
HAMBURG/PARIS, Sept 30 (Reuters) -Euronext wheat rose on Monday as traders assessed weather risks for northern hemisphere sowing and as Chicago futures strengthened after smaller than expected U.S. Department of Agriculture (USDA) estimates of U.S. corn and soybean stocks late in the European trading day.
December wheat BL2Z4 on Paris-based Euronext closed 0.3% up at 221.75 euros ($247.14) a metric ton.
Chicago wheat Wv1 rose about 0.8% in early Monday trade after U.S. Department of Agriculture (USDA) estimates of U.S. September corn and soybean stocks were sharply up on the year but smaller than market expectations.
However, rises were curbed by bigger than expected USDA estimates of U.S. wheat stocks.
Drought in Russia and heavy rain in parts of the European Union have created uncertainty about planting conditions, offsetting pressure from short-term export competition from Black Sea supplies.
While it was seen as early to predict any consequences for the 2025 harvest, unfavourable weather put attention on potential supply tightness next year.
Early weather worries for next year coupled with a poor 2024 crop in western Europe, including the lowest French wheat production in 40 years, have contributed to unusually large premiums for Euronext's later delivery positions.
In Poland, prices rose in the face of low export shipments because farmers were unwilling to sell at current depressed levels, which are well below early summer peaks.
Polish 12.5% protein wheat for near-term delivery to ports rose by 20 zlotys in the past week to about 930 zlotys (217 euros) a ton.
Poland’s wheat exports are thin because of heavy competition from cheap Russian wheat.
In Gdansk/Gdynia one ship has just loaded 30,000 tons of wheat for Nigeria and another is loading 50,000 tons for South Africa, traders said. In Szczecin, one has loaded 31,000 tons for Guinea.
($1 = 0.8973 euros)
Reporting by Michael Hogan in Hamburg and Gus Trompiz in Paris
Editing by David Goodman
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