EU wheat edges lower in light trade ahead of Christmas break

European wheat prices saw a slight decrease in thin trade on Tuesday, with the benchmark March milling wheat closing at 231.00 euros per metric ton, down 0.4%. This drop came as traders adjusted positions before the Christmas break and awaited the outcomes of an international tender by Algeria. The tenders, issued by Algeria's state grains agency, sought milling wheat from optional origins for shipment in February and March, with price offers due on Tuesday. The total purchase size remained uncertain, though prices ranged from around $257 to $258 per ton c&f. The recent price decline and the low euro rate could bolster the competitiveness of French wheat, yet Algeria's recent preference for main suppliers other than France, such as Russia and the Black Sea region exporters, due to diplomatic tensions with Paris could impact market dynamics. Euronext will be closed for Christmas on Wednesday and Thursday.

European wheat fell slightly in thin trade on Tuesday as traders were adjusting positions ahead of the Christmas break and the results of an international tender by Algeria. Benchmark March milling wheat (BL2H5) on Paris-based Euronext, closed early ahead of Christmas, down 0.4% to 231.00 euros per metric ton. The contract had fallen to two-week lows of 226.00 euros a ton on Friday. On the Chicago Board of Trade the most traded wheat contract ZW1! was down 0.4% to $5.37-1/2 per bushel by 1330 GMT. Algeria’s state grains agency OAIC issued an international tender to buy milling wheat from optional origins for shipment in February and March, with a deadline for submission of price offers on Tuesday. Traders reported purchases at around $257 to $258 per ton cost and freight (c&f) included. The size of the purchase in tonnage terms was not initially clear. The recent fall in prices and the low level of the euro could help French wheat’s ...