EU wheat futures slip lower amid ample supplies

European wheat futures edged lower in quiet markets Wednesday (Feb 10) as activity remains slow and sufficient world supplies weigh.

"Nothing is going to move until the second half of March when the first new crop comes in South America and spring sowing intentions in the Northern hemisphere are clearer," said a Spain-based broker.

Freight rates - particularly coast freight for grain going from Northern Europe to Spain and Portugal - have risen sharply in recent weeks.

According to a UK-based broker, the higher freight rates are slowing down some execution and it is difficult out of the Baltic as some of the area has frozen up. The broker also estimated rates from this region to Southern Europe seen will rise around 10% in the past two to three weeks.

Meanwhile, Paris March milling wheat futures traded down EUR0.25 (US$0.34), or 0.2%, at EUR125.25 (US$172.57) a tonne, with 2,248 lots moved. London November feed wheat futures traded down GBP0.15 (US$0.23), or 0.1%, at GBP103.50 (US$161.83) per tonne, with 144 lots moved.

Standard-quality wheat prices in the French cash market delivered at Rouen were unchanged from Tuesday's prices at EUR114 (US$157.07) per tonne.