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UPDATE 1-European wheat futures at one-week highs
March 15, 2013 / 5:26 PM / in 5 years

UPDATE 1-European wheat futures at one-week highs

(Updates prices)
    AMSTERDAM, March 15 (Reuters) - European wheat futures
continued to trade at one-week highs on Friday, buoyed by
healthy export demand and a strong rise on the week in U.S.
wheat futures.
    * May milling wheat on the Paris futures market was
up 1.00 euros or 0.43 percent at 235.50 euros a tonne by 1618
GMT, the highest level since March 6 and just above a previous
one-week top of 235.00 euros set on Thursday.
    * It was the third straight daily rise and took the
contract's gains this week to over 5 euros.
    * The benchmark contract faced technical resistance between
235 and 236 euros which it would need to breach in order to
reverse a bearish trend that had culminated in an eight-month
low last Friday, dealers said.
    * "We hit the upper end of the recent trading range," a
French dealer said. "To establish a new trend the market will
probably wait for the U.S. stocks and area estimates on March
    * U.S. wheat rose for a sixth straight session on Thursday
to hit a two-week high but eased on Friday on profit taking.
    * U.S. wheat has been bolstered by growing demand for export
and from domestic animal-feed and ethanol manufacturers, while
the European market has also been showing healthy export
    * U.S. weekly wheat export sales reported on Thursday hit a
two-year high, while European Union wheat export licences
remained well above the average pace this season, even if they
lagged the previous week's level. 
    * In a first forecast for this year's harvest, grain lobby
Coceral said the EU should produce more soft wheat than last
    * But its projected crop of 127.8 million tonnes for the EU,
including Croatia which joins the bloc in July, was lower than
the 131.6 million tonnes forecast this week by French-based
analysts Strategie Grains. 
    * In France, sowing of spring barley was 58 percent complete
as of March 11, up sharply from 21 percent the prior week and
now above the year-earlier level of 50 percent, farm agency
FranceAgriMer said in weekly crop data.
    * But a cold spell accompanied by snow in northern France
this week is expected to have since hampered fieldwork while
also slowing growth of winter crops.
    * German wheat held premiums over Paris because of a belief
that supplies will be tight before the large new 2013 crop
arrives, with a lack of competition assisting German exports.
    * Standard milling wheat for March delivery in Hamburg was
offered for sale unchanged at 250 euros a tonne with buyers at
around 248 euros
    * "Prices are drifting a little today but overall are
maintaining premiums of around 14 euros over Paris," one trader
said. "The outlook for exports from Germany is still positive in
coming months to destinations like Iran, Saudi Arabia and Libya
as Russia and Ukraine are not exporting."
    * A ship is due in a German port next week to load at least
55,000 tonnes of wheat for shipment to Iran, German traders said
on Friday. Another ship was also thought to be
loading wheat for Libya.
    * Germany's own harvest outlook is good, keeping new crop
wheat well below old crop.
    * Germany will harvest 23.5 million tonnes of wheat of all
types in summer 2013, up 5.4 percent from 22.3 million tonnes in
2012, the German Farm Cooperatives Association said on Wednesday
in its first harvest estimate. 
    * New crop wheat for September delivery in Hamburg was
offered for sale unchanged at 216 euros a tonne.
    * Continued demand and tight supplies kept feed wheat prices
close to or above milling wheat in parts of Germany.
    * Feed wheat for nearby delivery in the South Oldenburg
market near the Netherlands was offered for sale unchanged at
253 euros a tonne with buyers at 251 euros.

 * Prices as of 1638 GMT
  Product             Last    Change   Pct Move End 2011 Ytd Pct 
  Paris maize         225.75     1.75    +0.78   197.25    14.45
  Paris rape          462.50     2.00    +0.43   421.50     9.73
  CBOT wheat          722.00    -2.75    -0.38   671.25     7.56
  CBOT corn           716.25    -0.25    -0.03   654.75     9.39
  CBOT soybeans      1427.50    -8.00    -0.56  1207.75    18.19
  Crude oil            93.38     0.35    +0.38    98.83    -5.51
  Euro/dlr              1.31     0.09    +7.81     1.30     0.81
 * All grain and oilseed prices for second position. Paris
futures prices in Euros per tonne, London wheat in pounds per
tonne and CBOT in cents per bushel.

 (Reporting by Gus Trompiz in Paris, Michael Hogan in Hamburg
and Ivana Sekularac in Amsterdam, editing by William Hardy)

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