Euronext wheat holds firm with Russian exports in focus
PARIS, Oct 11 (Reuters) -Euronext wheat edged up on Friday as traders waited to see if Russia, the world's biggest wheat supplier, would decide on tougher export curbs at a meeting with grain firms after announcing a hike in an export tax.
Volumes were thin as the market also looked ahead to a U.S. Department of Agriculture (USDA) world crop report later in the day. USDA/EST
December wheat BL2Z4 on Paris-based Euronext was 0.2% higher at 231.75 euros ($253.60) a metric ton by 1453 GMT.
Russia remained the focus in wheat as speculation continued over possible export restrictions that might be proposed at a meeting between the agriculture ministry and grain exporters that sources said is due to take place on Friday.
"It has been a risk-off, wait-and-see day while markets await the result of the Russian government meeting with grain exporters and the USDA report," one German trader said.
The ministry announced earlier a 41% increase in its wheat export duty.
The move drew little immediate reaction as it only represented $5-$6 per ton, a small part of Russia's recent price advantage of around $20-$30 versus western European supplies.
However, traders were cautious pending the outcome of the meeting.
A wave of Russian attacks on Ukraine's ports has also added to uncertainty about Black Sea grain trade, threatening to slow brisk Ukrainian exports.
Gains on Euronext were capped by crop assessments from the Russian officials, who said drought was not hampering sowing and that adverse weather had only moderately reduced the government's harvest estimate.
In France, farmers had sown 6% of the country's expected soft wheat area by Oct. 7, lagging a five-year average of 9%, data from farm office FranceAgriMer showed, as wet weather continued.
In Poland, 12.5% protein wheat for October/November delivery to ports was quoted up 40 zloty on the week at 970 zloty (225.9 euros), tracking strength in Euronext.
"Poland's exports are slowly increasing but remain well below last year and the hope is the Russian government's moves to slow Russian exports will mean more business for the EU," one Polish trader said.
Traders estimate Poland's exports of all grain types last month at just over 400,000 tons, well below 678,000 tons in September 2023.
Only one large vessel was currently loading wheat in Poland, with a ship taking 33,000 tons for an unknown destination.
($1 = 0.9138 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Ros Russell
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