"Volumes remain thin and the March contract isn't finding the necessary impetus to move above next chart resistance at 207 euros," a Euronext dealer said. "We're trying to get direction from the US market, which is difficult in the absence of USDA data, so we're tamely holding in our range." A partial government shutdown in the United States has delayed the release of USDA reports.
There was still hope that rising Russian prices would transfer more export business to western Europe.
"Exports are supporting but not putting fire in the market as Germany's wheat shipments are running well below past years," a trader said. "A ship is set to load 60,000 tonnes of wheat for shipment to Saudi Arabia in a German port next week, but this is not enough to excite the market." "We are waiting to see whether Russia puts some form of brake on grain exports or whether rising Russian prices will do the job alone by making Russian exports expensive."
Traders noted exporter interest in high protein wheat from Lithuania and other Baltic Sea exporters.
"It looks like rising Russian prices could mean that the Baltic has more of a chance in the tender from Turkey for 300,000 tonnes of wheat closing next week," the trader added.
The International Grains Council on Thursday trimmed its forecast for EU wheat exports in the 2018/19 to 19.8 million tonnes from 20.5 million, reflecting the slow pace so far this season.
In Germany, cash premiums in Hamburg were little changed.
Standard bread wheat with 12 percent protein for February delivery in Hamburg was offered for sale flat at 4.0 euros over Paris March.
Feed wheat in the South Oldenburg market for February/March delivery was again offered for sale above milling wheat, at around 217 euros a tonne, with buyers seeking 216 euros.