A slight rise in Chicago wheat, supported by strong weekly US exports and an easing in the dollar, was offset on Euronext by a rebound in the euro against the dollar and weakness in Chicago corn and soybeans, dealers said. "We've got a grain complex that's weaker and heavy supply and demand fundamentals," one dealer said. "We'll have to see the result of the Saudi barley tender Monday which could lend some support."
US corn and soybean futures fell after China announced additional tariffs on US goods in an ongoing trade dispute. Improved ratings for French maize (corn) crops also contributed to a new contract low for November maize on Euronext at 164.50 euros at the close. A large barley tender being held by Saudi Arabia was being watched for a fresh indication of competition between western European and Black Sea grain origins.
In wheat, the recent price fall coupled with less aggressive selling than usual by Russian exporters has raised expectations of increased overseas demand for a bumper French harvest. But hopes have been tempered by stiff competition from Ukraine, as well as reluctant selling by French farmers. A lack of sellers again contributed to a firm trend in wheat premiums in export zones on the French cash market, brokers said.
In Germany, standard bread wheat with 12% protein for September onwards delivery in Hamburg was offered for sale unchanged at 1.0 euro under Paris December. Sellers were seeking at least 2 euros under. Traders were assessing the new crop as farmers were expected to wrap up remaining harvesting this weekend in the northern state of Schleswig-Holstein after recent rain delays.
Germany will harvest about 23.1 million tonnes of winter wheat in 2019, up from a drought-affected 19.5 million tonnes last year, farming association DBV said on Friday. "The association's forecasts tend to be on the conservative side but overall the harvest this year is not bad," one trader said.