| 25/01/08--EU Wheat Review: Rises On US Strength, Euro Weakness Versus Dollar |  |
LONDON (Dow Jones)--Liffe's European wheat futures finished higher Friday on strength in U.S. wheat futures and as the euro gives back some of Thursday's gains versus the U.S. dollar.
Paris March milling wheat rose EUR4, or 1.6%, to end at EUR252 a metric ton with 1,213 lots moved. November climbed EUR4.25, or 1.9%, to end at EUR223.50/ton with 1,162 contracts moved.
"We have had a lot of ups and downs this week," said a French dealer pointing to this week's outside influences such currencies, crude oil, metals and equities.
On the week, Paris March and November finished just slightly higher, up EUR1.75/ton and EUR1.25/ton, respectively. And despite this weeks swings, both contracts held within last week's ranges.
"Everyone says the European Union is going to be in a good position to sell soon, but this all crumbles if quantities are small," added the French dealer.
U.S. wheat sales have now reached 95% of its intended target and Russia's 40% export duty goes into effect at the end of the month, helping to leave a possible window of opportunity. However the dealer said Argentina could export some more and Russia has already moved additional wheat through customs ahead of the duty.
E.U. soft wheat export licenses rose 67,000 tons to 3.5 million tons for the week ended Jan. 22, but import licenses also rose 21,000 tons to nearly 4.0 million tons. This contrasts with the same time last year, when amid a larger supply base, the E.U. was a net exporter of 2.8 million tons.
"There has been little port activity to third countries," the dealer added. "It has just been a few cargoes to Algeria, Morocco and Western Africa and that is it."
London May feed wheat rose GBP1, or 0.5%, Friday to end at GBP188.25/ton with 60 lots moved. November climbed GBP0.75, or 0.5%, to GBP154/ton with 138 lots moved.
French standard cash wheat prices were mostly steady at EUR241/ton in the main port of Rouen basis spot March delivery.
On the week, U.K. delivered bread wheat prices were mixed at down GBP3/ton to up GBP1.50/ton. And feed wheat prices were down GBP1/ton to up GBP5.50/ton for nearby prices.
In other Liffe markets, March corn rose EUR0.50, or 0.2%, to end at EUR210.50/ton with 364 lots moved. Rapeseed futures jumped to recover more from the recent setback. May ended up EUR8, or 1.9%, at EUR420/ton with 767 lots moved.