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EU wheat prices edge up, holidays slow trade




  • Wheat prices in western Europe edged higher on Thursday in thin conditions with market participation limited by public holidays in many countries including France and Germany. Benchmark November milling wheat in Paris rose 0.25 euros or 0.1 percent to 208.50 euros a tonne by 1213 GMT. 

    Dealers said the crop outlook in the European Union was more favourable than it was in the United States where the hard red winter wheat crop has been hurt by drought and recent cold weather. “The UK is a special case, but for France and Germany it has gone pretty well for winter wheat. Wheat has come out of the winter (in the EU) in much better shape than it has in the US,” one European grains broker said. 

    Dealers said the market was awaiting Friday’s US Department of Agriculture report which is expected to project a 9 percent drop in US 2013 winter wheat production from the previous year’s crop. They noted the pace of EU wheat exports had slowed significantly in recent weeks although shipments this season remain far above year earlier levels. 

    The European Union this week granted export licences for 267,000 tonnes of soft wheat, taking the total since the beginning of the 2012/13 (July-June) of 17.1 million tonnes, official data showed on Wednesday. The weekly total was the second lowest so far this calendar year, exceeding only the 237,000 tonnes exported two weeks ago. Feed wheat futures in London were barely changed with November up a marginal 0.08 percent at 181.80 pounds a tonne. 

    Copyright Reuters, 2013

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