European wheat futures rose for a sixth straight session to set new contract highs on Wednesday, supported by a sharp rise in US futures in Chicago and buying linked to hopes of brisk European exports.
* Benchmark January milling wheat in Paris closed up 3.75 euros or 1.3 percent at 275.25 euros.
* The contract earlier rose to 277.50 euros, the latest in a series of contract highs this week and a new high for a benchmark contract since early 2011.
* “We’re rising in considerable volumes,” one futures dealer said. “There are a lot of bits of bullish news plus the crop situation in South America that is putting it (South America) out of the export picture.”
* US wheat futures rallied for the third day in a row on Wednesday, jumping 1.9 percent to their highest level in more than five weeks on concerns about production shortfalls in top exporters like Argentina and Australia.