September 13, 2017 / 4:32 PM / in 2 months

EU wheat rises on technicals, firm U.S. markets

    PARIS, Sept 13 (Reuters) - European wheat prices rose in
thin trade on Wednesday, supported by technical factors and firm
U.S. markets, traders said.
    December milling wheat on Paris-based Euronext, was
up 1.25 percent by 1613 GMT to 161.50 euros a tonne. 
    Traders mentioned some spread trading between Euronext and
the Chicago Board of Trade where wheat extended gains from its
previous session, with the USDA's cut to expected supplies in
Australia helping shift attention away from ample global
    "The market is rising surprisingly because fundamentally
there is no reason for that," a trader said, pointing to
pressure from the large Russian wheat crop.
    On the French cash market, farm office FranceAgriMer's large
wheat export forecast was seen as an encouragement for sellers
to stay out of the market in hope of better prices.
    Still, FranceAgriMer stressed French wheat would need to
remain competitive on the world market to meet its forecast for
exports outside the European Union, at 10.2 million tonnes, more
than double the volume shipped in 2016/17.
    German cash premiums in Hamburg were again weaker in thin
export demand after rain in August damaged Germany's harvest
quality, with attention turning to high feed wheat prices.
    Standard bread wheat with 12 percent protein content was
offered for sale at 1 euro over the Paris December contract
 for September delivery in Hamburg against 1.5 euros over
on Tuesday.
    "It looks like Germany's wheat exports will be depressed in
coming months with France, Poland and the Baltic States taking
over the main north European export business," one German trader
    "There is low demand in the Hamburg export sector today and
attention is turning to internal markets, where feed wheat
prices are higher than export prices for milling wheat."
    Feed wheat in the South Oldenburg market was quoted above
milling wheat at 169-170 euros a tonne for September/December
 Prices at 1613 GMT                                             
                             Last  Change    Pct      End    Ytd
                                            Move     2016    Pct
  Paris wheat Dec          161.50    2.00   1.25   175.00  -7.71
  Paris maize Nov          156.50    0.00   0.00   170.00  -7.94
  Paris rape Aug           366.00    2.50   0.69   380.25  -3.75
  CBOT wheat Mar           444.00    2.00   0.45   408.00   8.82
  CBOT corn Mar            353.00    1.50   0.43   352.00   0.28
  CBOT soy Mar             958.25    7.75   0.82  1004.00  -4.56
  WTI crude oil             48.92    0.69   1.43    53.72  -8.94
  Euro/dlr                   1.19   -0.01  -0.59                
 Most active contracts - Wheat, corn and soy US cents/bushel,
 Paris futures in euros per tonne
 (Reporting by Valerie Parent in Paris and Michael Hogan in
Hamburg; Writing by Sybille de La Hamaide; Editing by Mark

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