EU wheat markets little changed, weaker euro supports
January 06, 2014
HAMBURG, 2 Jan 2014 (Reuters)
Union wheat prices were little changed on Thursday, with the weaker
euro offering support in thin trade while benchmark U.S. grains markets
remained closed for most of the European session.
- March wheat on the Paris Euronext market was unchanged at 204.50 euros at 1123 GMT.
market is seeing some support from the weaker euro today, which is
helpful for euro zone exports," said Arnaud Saulais of SCB Commodity Brokers.
the mood is cautious and trading volumes are very thin with the U.S.
markets closed for most of the European trading day. In this environment
small purchase or sales orders can move prices."
- Chicago grains markets reopen at 1430 GMT after the closedown for the New Year’s day holiday.
wheat premiums were unchanged with lack of market participation in the
holiday season making prices nominal in parts of the country.
milling wheat for January delivery in Hamburg was offered for sale
unchanged at 3.5 euros over the Paris March contract.
will not get back to normal until next week as so many market players
are still on holiday while there is a risk-off mood today with the U.S.
markets closed until late afternoon in the European session," one German
- "The market
is now starting to lift its focus onto the USDA (U.S. Department of
Agriculture) world grain supply and demand forecasts on Jan. 10, which
will be released on the same day as separate important USDA reports
about grain stocks, crop production and U.S. wheat seedings."
reports could sharply move international grains markets and the mood is
likely to be cautious until the details of the reports are known."
is also some uncertainly about feed wheat demand in parts of Europe,
with unconfirmed market talk that U.S. corn shipments destined for China
have been resold to Spain and Portugal.
corn exports to China have slowed as Beijing continues to reject
cargoes containing an unapproved genetically-modified corn type,
compelling U.S. exporters to switch shipments to other destinations.
Prices at 1123 GMT
- "If the talk
about the U.S. corn shipments being transferred to Spain and Portugal
are confirmed, this could mean less demand for feed wheat. Ukrainian
corn earmarked for Spain and Portugal will have to find a market
elsewhere, also depressing feed wheat demand," another trader said.
Euro/dlr EUR= 1.3694
|Pct Move |
|End 2012 |
|Ytd Pct |
|Paris wheat |
|Paris maize |
|Paris rape |
|WTI crude oil |
* CBOT futures prices are in cents per bushel, Paris futures in
euros per tonne, WTI crude oil in dollars per barrel.
(Reporting by Michael Hogan; Editing by Anthony Barker) ((firstname.lastname@example.org)(+49 40 419 03 4275)(Reuters Messaging: email@example.com))