Euronext wheat futures were slightly lower in late trading on Thursday after a sale of French wheat to Egypt helped prices recover from a near three-week low linked to broad market fears about a coronavirus outbreak in China. Benchmark March milling wheat on Paris-based Euronext was down 0.1% at 192.25 euros a tonne by 1721 GMT.
It earlier touched its lowest since Jan. 10 at 190.75 euros as grain markets joined a broad pullback in financial markets fuelled by concern over the impact of the coronavirus. Wheat futures in Paris and Chicago have been retreating from 1-1/2 year highs struck last week.
However, a tender by Egypt in which the world's top wheat importer bought 180,000 tonnes of French wheat reflected steady international demand for the cereal. The tender result provided reassurance for the French market after news this week that Tunisia's state grains office ODC asked a supplier to avoid French wheat because of strike disruption at French ports.
Traders were cautious about interpreting the Egyptian tender, in which state buying agency GASC overlooked competitive offers of Romanian wheat and in which offers of Russian wheat did not reflect a Wednesday slide in Russian futures.
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