Paris wheat futures were little changed on Friday as a holiday in the United States encouraged the European market to consolidate after hitting its lowest level in nearly five months. November milling wheat on the Paris-based Euronext futures market was up 0.25 euros or 0.1 percent at 184.50 euros a tonne by 1555 GMT.
The benchmark contract on Thursday touched its lowest level since February 10 at 183.75 euros, dampened by expectations of ample harvest supply both in Europe and worldwide. US markets were closed on Friday for Independence Day. The European market was also waiting for harvesting to get going in the region.
Cash brokers have reported first cuttings of soft wheat in western France in the past week, but farm office FranceAgriMer said on Friday that the soft wheat harvest was yet to start as of June 30. The office also said the winter barley harvest accelerated last week, with 44 percent of the area harvested by Monday. Field work could be slowed this weekend by showers forecast in much of France.
German cash wheat premiums were little changed with only low sales of new crop wheat being made as Germany's harvest approaches. "Advanced sales of new crop wheat remain thin as farmers are unhappy about current low prices and continue to talk about putting new crop into storage rather than sell at the depressed market levels we have now," one German trader said.
Good progress was being made with Germany's barley harvest despite rain showers, traders said. Standard new crop wheat for delivery in Hamburg from September was offered for sale at an unchanged premium of 4.50 euros over the Paris November contract. Buyers were offering 3.5 euros over Paris against 4 euros over on Thursday.
