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EU wheat prices ease as export demand remains weak

November 12, 2018 00:00:00


LONDON, Nov 11 (Reuters): European wheat prices were slightly lower on Friday as sluggish export demand and weakness in Chicago grain futures kept the market on the defensive.

December milling wheat on Paris-based Euronext was 0.50 euros lower at 199.50 euros a tonne at 1705 GMT, just above a one-week low of 199.25 euros ($225.61) set on Thursday.

"In Europe we're waiting for export demand to materialise. The dollar is helping us a bit but we're not seeing much export for now," one futures dealer said.

European Union soft wheat exports so far this season are about one quarter below the level a year ago, with brisk Russian shipments thwarting hopes that the world's top exporter would be less active this season.

"A ship was finishing loading about 60,000 tonnes of German wheat for Saudi Arabia this week but overall exports remain well below previous years and this was not enough to excite the market," one German trader said.


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