European wheat futures reach new highs

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.

via EU wheat touches new contract highs, export hopes support.