PARIS: Euronext wheat ticked lower on Friday, consolidating below a two-week high as traders assessed prospects for wheat exports and production in the upcoming maize harvest.
December wheat on Euronext settled down 1.00 euro, or 0.4%, at 247.75 euros ($290.69) a tonne.
It earlier peaked at 249.25 euros for the third day in a row, again facing chart resistance at the current September high for the contract.
Wheat markets have been supported this week by global supply concerns following a lower-than-expected official estimate of Canada’s drought-affected harvest, reduced production estimates in Europe and expectations for a fall in winter wheat sowings in Russia.
The European market has also been supported by brisk early-season exports, including in Germany. “Algeria is shaping up to be Germany’s largest customer this year following the French quality problems,” one German trader said.
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