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EU wheat little changed after U.S.export data
December 6, 2012 / 2:16 PM / 5 years ago

EU wheat little changed after U.S.export data

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PARIS, Dec 6 (Reuters) - European wheat futures were little moved in thin trade on Wednesday, in step with U.S. grains prices, remaining supported by tight local supplies despite downward pressure due to disappointing U.S. export data.

* January milling wheat on the Paris futures market was unchanged at 268.75 euros a tonne by 1336 GMT.

* Next contract March was also unchanged at 267.00, below resistance at 269.00 euros, traders noted.

* EU prices pared gains as U.S. weekly export data for wheat that was near the lower end of analysts's expectations and poor figures for corn pressured futures in Chicago.

* European prices remained supported by tight global supplies.

* The wheat harvest in grains powerhouse Argentina is expected to be smaller than expected and of poorer quality this season as farmers slog through waterlogged fields, trying to save their crops from toxic fungi bred by too much rain.

* Talk is increasing in the market that the world's fifth-largest exporter could restrict sales in the coming weeks, analyst FCStone said.

* Argentina, which curbs wheat and corn exports to ensure ample domestic supplies of food, has freed 6 million tonnes of 2012/13 wheat for overseas shipment but some doubt they will allow the full amount.

* "To our knowledge they already granted 5 million tonnes and they could keep it there," one trader said. "There is a real supply problem in the Mercosur region."

* Brazil said on Thursday it expected wheat production, which was hurt by strong rains in the southern part of the country during harvest period, to fall to 4.46 million tonnes, down from last year's 5.7 million tonne crop.

* Some traders said a small dip at the end of the week could not be excluded before grain markets start to focus on next Tuesday's world supply-and-demand estimates from the U.S. government. (Reporting by Valerie Parent; Writing by Sybille de La Hamaide; Editing by Anthony Barker)

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