PARIS: Euronext wheat edged higher on Tuesday, consolidating above a six-week low with support from Chicago futures as the market awaits direction from widely followed US government crop forecasts.
A purchase of Russian wheat by Egypt in a tender drew little reaction as it confirmed availability of cheaper Russian supplies.
Front-month September milling wheat on the Paris-based Euronext exchange was up 1 euro, or 0.6%, at 178 euros ($209.40) a tonne at 1610 GMT. It earlier touched Monday's six-week low of 176.75 euros.
Chicago futures added more than 1% as they also came off a multi-week low.
An unexpectedly sharp cut to the US Department of Agriculture's weekly rating of US spring wheat crops raised some uncertainty ahead of the USDA's world supply and demand forecasts on Wednesday.
Wheat prices have been pressured in the past week by increased forecasts for Russia's harvest as well as some other exporting countries, which has taken attention away from a poor French crop that is set to drag European Union production lower this year.
The French cash market was underpinned by a lack of sellers in the face of a disappointing wheat and barley harvest as well as drought-reduced prospects for the maize crop, traders said.
Storms that are set to ease a heatwave in France from Tuesday could bring some relief for stressed maize plants, they added.
The German wheat harvest is entering its final stages in northern and eastern areas and could be wrapped up this week as dry, sunny weather is set to continue in these regions.
"I would estimate that nationally about 90% of Germany's wheat has now been harvested," one German trader said.
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