PARIS: Euronext wheat reversed from a two-week high to end lower on Wednesday as better-than-expected conditions for US corn crops tempered weather worries that had sparked a grain rally in the previous session.
September milling wheat on Euronext settled down 3.75 euros, or 1.7%, at 215.00 euros ($262.58) a tonne.
It had earlier risen to 221.50 euros, its highest since May 14, before turning lower as Chicago corn gave back some of its near 5% gain from Tuesday.
Forecasts of hot, dry weather in North America in the next two weeks, along with reduced estimates of Brazil’s upcoming corn harvest, had triggered the rally.
But US Department of Agriculture data released after Tuesday’s market close eased crop concerns by estimating that 76% of US corn was in good or excellent condition, well above an average estimate of 70% in a Reuters poll. Gains for Euronext wheat had already been capped on Tuesday by favourable crop conditions in Europe.
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