OREANDA-NEWS. February 05, 2015. European Union wheat futures ended flat on Wednesday, with a recovery in demand from importers following recent price weakness supporting, traders said. This balanced out downward pressure from falling US prices in Chicago, traders said. March milling wheat on the Paris-based Euronext market closed (settled) unchanged at 186.50 euros a tonne after hitting 188.75 euros earlier on Wednesday.

Paris prices, which had hit seven-week lows on Monday due to large global supplies, were at levels attracting buyers to take extra supply cover, a Euronext trader said.

The export-boosting weakness in the euro against the dollar also underpinned, he added. Support also came from brisk export activity in France, especially for feed wheat, and a possible increase in Russia's export tax, traders said.

But news that Canada's wheat stockpiles were amongst the largest in recent decades and prospects of high carry-out stocks in France weighed on prices, traders said. German cash wheat premiums in Hamburg were marked down to compensate for early-day firmness in Paris prices but export optimism kept a lid on falls. Standard wheat with 12 percent protein content for delivery in Hamburg in March was offered for sale at a premium of 7 euros over the Paris March contract against 7.5 euros over on Tuesday. Buyers were offering 5 euros over.

"The weaker trend in the euro has created a much brighter export outlook for German and other west EU wheat," one German trader said. "But the low prices paid by Saudi Arabia in its tender on Monday mean that people think the Saudi wheat is more likely to be sourced in Poland and other regions than in Germany."

In Poland, the recent firmness of the zloty currency means some Polish dealers and processors are considering feed wheat imports from Slovakia, traders said.