PARIS: Euronext wheat futures were little changed on Monday, holding near contract highs with support from a weaker euro and continuing concern over a rain-hit harvest in France.
Benchmark December milling wheat on Paris-based Euronext settled up 0.25 euros, or 0.1%, at 232.50 euros ($272.86) a tonne.
It remained near a life of contract high of 233.75 euros set during a sharp rally last week.
Euronext was capped by chart resistance and a fall in Chicago where futures were pressured by the dollar’s strength and forecast rain in North American plains, traders said.
Worries over rain-affected quality in a slow-moving French harvest remained in focus, adding to uncertainty over global export supplies amid declining production prospects in Russia and North America.
The slow arrival of new crop and weak readings for some quality criteria, particularly test weights, have pushed up export premiums for French milling-grade crop as firms have struggled to load waiting vessels.
France’s largest grain port, Rouen, was showing a queue of ships loading or due to load for Algeria, usually the biggest export market for French wheat.
French exporters have looked at procuring German supplies for shipping to Algeria, with Germany’s harvest showing satisfactory quality so far despite some rain disruption.
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