Milling wheat futures were little changed in Paris as U.S. markets were closed and as traders weighed signs of importer demand for the grain against an outlook for bigger harvests in the Black Sea region.
Russia harvested 10.3 million tons of grains as of July 4, compared with 5.8 million tons a year ago, the Agriculture Ministry said today. Pakistani importers bought 200,000 tons of wheat from Russia, Ukraine and Romania, Karachi-based broker Javed Yaseen Co. said. Trading will resume in Chicago today after yesterday’s Independence Day holiday.
“We’ll have to sit around until this afternoon for a bit of action, I can’t see Europe doing a lot before then,” Dave Norris, an independent U.K. feed trader, wrote on his website.
Wheat for November delivery was 0.1 percent higher at 197 euros ($252.50) a metric ton on NYSE Liffe in the French capital by 3:03 p.m. The grain advanced 1 percent yesterday and 0.8 percent on July 3.
China may step up wheat imports as local output falls, the U.S. Department of Agriculture’s Foreign Agricultural Service said July 3, while Egypt’s state grain buyer this week bought 180,000 tons in its first foreign wheat purchase since February.
“Markets are supported in the short term in the context of buying interest in international markets,” Paris-based farm adviser Agritel wrote.
November-delivery rapeseed rose 0.3 percent to 399 euros a ton, while corn for delivery the same month was unchanged at 177.75 euros a ton.