EU wheat holds near two-week low as exports remain sluggish

European wheat futures were hovering near the previous session’s two-week low, with tightening global supplies and drought concerns in Europe offset by sluggish exports. December milling wheat on Paris-based Euronext was unchanged at 201.25 euros a tonne. For now, the warm weather is helping Russia export quickly. It may be more like early 2019 before western Europe gets its turn in exports. This could mean December futures come under pressure while March and May prices have more upward potential. However, current export activity in the European Union and the United States remains moderate and is particularly thin in France and Germany. Dry conditions in France were raising concern that newly sown wheat will struggle to develop, but dealers said it was too early for the risk to be reflected in prices. An unusually warm, dry start to autumn has deepened a summer drought in northern French grain belts and virtually no rain is forecast for the week ahead.