In closing deals it touched its highest since Aug. 12 at 175.00 euros, surpassing Friday's peak of 174.50 euros. Chicago wheat rallied in response to sharp gains for US corn and soybeans after the US Department of Agriculture pegged quarterly US stocks of corn and soy below market expectations.
The spillover support from the US market gave further impetus to a Euronext market that has climbed in the past week on improving export sentiment. Weakness in the euro, which touched a new 28-month low against the dollar on Monday, has boosted export prospects for western European grain. Weekly European Union data showed EU soft wheat exports since the start of the 2019/20 season in July had reached 6.25 million tonnes, up 37% versus the same period last year when the EU harvest was reduced by drought. In Germany, cash premiums in Hamburg were again little changed.
Standard bread wheat with 12% protein for October delivery in Hamburg was offered for sale unchanged at 2.0 euros under Paris December. Buyers were seeking at least 3.0 euros under Paris.
There are hopes some German barley will be used to supply a 1.02 million tonne purchase by Saudi Arabia on Monday.
In Poland, prices were mixed in the last week with exports supported by the weaker local currency, but internal markets depressed as consumers waited for the corn harvest, slightly delayed because of rain.
"Polish mills seem to have good supply cover for 12.5% protein wheat for the next six weeks and are relaxed, watching the market without pressure to buy," one trader said. "Feed mills are waiting for cheap new crop corn ex harvest and do not want to pay more than necessary for feed wheat."