EU wheat rises in late trade, tracking U.S. market

<html xmlns=""><head><title>EU wheat rises in late trade, tracking U.S. market</title></head><body>

PARIS, Feb 8 (Reuters) -European wheat prices rose in late trade on Wednesday , tracking U.S. markets, but traders said it remained pressured by strong competition from the Black Sea region.

Benchmark March milling wheat BL2H3 on Paris-based Euronext finished up 1.25 euros, or 0.4%, at 295 euros a tonne.

In its February World Agricultural Supply and Demand Estimates (WASDE) report, the U.S. Department of Agriculture raised its wheat harvest forecasts for the European Union, Russia and Ukraine by 500,000 tonnes each, to 37 million, 43.50 million and 13.50 million tonnes respectively.

World ending stocks for the current season were pegged at 269.34 million tonnes, above the average analyst estimate of 268.56 million tonnes.

Algeria’s state grains agency OAIC was believed to have resumed buying milling wheat on Wednesday in an international tender that originally closed on Tuesday, European traders said in initial assessments.

Initial prices were likely to indicate that wheat could be sourced from several suppliers including the western European Union, eastern EU/Black Sea region and Russia, they said.

Algeria is a key destination for French wheat.

"Looking at the initial prices reported in the Algerian tender, I doubt whether Germany or the Baltic region will be used to supply this time,” one German trader said.

“I think Germany’s main hopes for new export sales will be on more niche sales to North Africa and Sub-Saharan Africa.”

German wheat exports so far in February were headed by shipments to Morocco, with market talk that German wheat was being used to replace tight French supplies, he said.

Standard 12% protein wheat for February delivery in Hamburg was offered for sale at a premium of about 10 euros over the Euronext March BL2H3 contract.

Prices at 1743 GMT



Pct Move

Paris wheat BL2c1




Paris maize EMAc1




Paris rapeseed COMc1




CBOT wheat Wv1




CBOT corn Cv1




CBOT soy Sv1




WTI crude oil CLc1




Euro/dlr EUR=




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 David Goodman


Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.