Paris wheat slips with exports, dollar in focus
Adds closing price, trader comment on cyber attack on ION
PARIS, Feb 2 (Reuters) -Benchmark wheat prices on Euronext eased on Thursday, with traders assessing movements in Chicago futures and the dollar as export news and central bank statements took the spotlight.
March milling wheat BL2H3 on Paris-based Euronext settled 0.8% lower at 283 euros ($309.18) a tonne, after touching a one-week low in late trade.
Deferred positions for 2023 crop delivery ended flat to slightly higher.
The market has lacked impetus this week after rebounding from an 11-month low in late January.
"We're tending to follow Chicago as we seek fresh price direction," a futures dealer said.
Chicago wheat Wv1 rose earlier as the dollar .DXY slid after the U.S. Federal Reserve cited progress in curbing inflation, before turning lower as the dollar firmed and weekly U.S. export sales came in below expectations. GRA/
The euro EUR= hit a 10-month top against the dollar before easing.
An Egyptian tender being held on Thursday, in which initial offers showed Russian wheat was the cheapest origin, highlighted Black Sea competition.
“Over half a million tonnes of Russian wheat was offered in today’s Egyptian tender,” a German trader said.
“Along with the cheap prices, this is a pretty strong indication that Russian exporters are not having trouble finding shipping capacity at affordable prices, despite the sanctions and rising ship insurance costs,” the trader said, adding multinational firms also offered Russian wheat in the tender.
Traders noted animal feed wheat from Romania and Bulgaria may be used for a purchase by a South Korean importer, another sign of competitive supplies in the eastern European Union countries.
In France, export premiums have eased this week during a lull in demand. WHEAT/RTR
Only one offer of French wheat was reported in the Egyptian tender, at more than $30 a tonne above the cheapest offer of Russian wheat.
In Germany, standard 12% protein wheat for February delivery in Hamburg was offered for sale at about 11 euros over the Euronext March contract but with little purchase interest seen.
Futures dealers said a ransomware attack against ION Trading UK this week had not affected Euronext trading, but may cause post-trade problems for participants if their clearing brokers use ION.
($1 = 0.9153 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Kirsten Donovan
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