PARIS: Euronext wheat edged higher on Friday, holding above a three-month low touched this week as traders assessed a wave of demand against improved prospects for northern hemisphere harvests.
Spot September milling wheat on the Paris-based Euronext exchange settled up 0.50 euro, or 0.3%, at 180.50 euros ($201.96) a tonne.
The contract had fallen to 178.25 euros on Wednesday, its lowest since March 18, before attracting buying interest at that level, dealers said.
Over the week, it was down 1.6%.
Chicago wheat slipped to a new low since September as an advancing US winter wheat harvest that has shown some better than expected yields kept prices under pressure.
Beneficial rain in Europe is expected to have averted further yield losses after a very dry spring, though the European Union is still set for a much smaller harvest this year.
"We have perhaps passed the low point in forecasts for harvest production in Europe, as well as the Black Sea region," a futures dealer said.
In France, soft wheat ratings were stable for the third week in a row in the week to June 15, data from farm office FranceAgriMer showed.
A drier, warmer spell forecast next week could help ripen French wheat that FranceAgrMer estimates is running 12 days ahead of its usual growth pace. Rapeseed futures on Euronext rose in step with gains in US soybeans and Malaysian palm oil.
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