The euro climbed to its highest since October against a broadly weaker dollar, reflecting increased risk appetite as extended talks between US and Chinese officials boosted hopes for a resolution of the countries' tariff dispute. The higher euro and signs of competition from Russian and US wheat were tempering hopes that European Union wheat would see an upswing in exports after a slow start to the 2018/19 season.
A 550,000-tonne purchase by Algeria in a tender on Tuesday was expected to yield substantial sales for French wheat in its main export market. But US wheat was seen as in contention to fill part of the order, traders said. In Germany, cash premiums in Hamburg were little changed.
Standard bread wheat with 12 percent protein for January delivery in Hamburg was offered for sale unchanged at 3.0 euros over Paris March. Feed wheat in the South Oldenburg market for January onwards delivery was offered for sale above milling wheat at around 218 euros a tonne with buyers at around 217 euros.