US wheat markets also rose in early Wednesday trade after recent sharp falls, lending some support to EU prices. "We see some consolidation after the sharp drop earlier this week," a European trader said. "But it lacks conviction." Russia said it planned no new grain export restrictions, implying continued tough competition to EU exports.
In Germany, cash premiums in Hamburg followed the general market strength. Standard bread wheat with 12 percent protein for March delivery in Hamburg was offered for sale at around 7 euros over the Paris May contract, up 2 euros. "Some of the change in premiums comes from the change in the calculation to the Paris May contract from March previously," one trader noted.
German wheat exports are continuing at a steady rate, another trader said, which was supporting the market. "A ship is set to load about 60,000 tonnes in Germany in coming days, with Sudan believed to be the destination," the second trader added. Other recent cargoes include about 40,000 tonnes of German wheat for Mozambique, 35,000 tonnes for Saudi Arabia and 30,000 tonnes for Guinea.