19-12-2013 10:48 AM | France

EU wheat weaker as export prospects decline

European wheat futures were weaker on Wednesday as the market examined a setback for French wheat in the latest international purchase tender from Egypt following recent strong EU export sales.

Egypt, the world's largest wheat importer, bought Romanian and Russian wheat in a tender held by state buyer GASC on Tuesday with French offers too high to win.

The Egypt tender result showed that a combination of a recent price rally in Paris, strength in the euro and looming French port congestion after brisk export sales had eroded the competitiveness of French wheat, traders said. March milling wheat on the Paris Euronext market was down 0.5 euros or 0.2 percent at 202.50 euros a tonne at 1421 GMT.
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