European wheat prices were little changed on Friday as the market lacked direction in quiet holiday trading. Benchmark March milling wheat on Paris-based Euronext, was unchanged by 1600 GMT at 203.25 euros a tonne. "Activity on the physical market is limited between two holidays, and only movements in the futures markets show some activity. The movements are to be interpreted with caution; most of them are the adjustments of positions or even portfolios," French consultancy Agritel said.

The rise of the euro against the dollar this week is weighing on euro-zone wheat as it hurt its competitiveness on world markets at a time when it is already facing strong competition from Black Sea and Argentine origins. The competition in Morocco, after the North African country extended by four months the suspension of its customs duty, could be tough between French and Argentinian origins although some doubts remained on the quality of Argentina's harvest.

Traders also noted poor demand in international tenders during the holiday break. Euronext will be open on Monday for half a session, closing at 1300 GMT. Chicago will be open all day. All markets will be closed on January 1.

Copyright Reuters, 2019