PARIS: Euronext wheat eased on Friday as concern over war disrupting a Ukrainian export corridor subsided and traders monitored the impact of rain on major crop belts worldwide.
December wheat on Paris-based Euronext was down 0.3% at 232.75 euros ($246.16) a metric ton by 1504 GMT. Over the week, the contract lost 3%, after falling to a two-week low of 231.50 euros on Wednesday.
Chicago wheat eased as Thursday’s rebound in the US market faded.
Wheat markets had regained ground on Thursday after reports that Ukraine’s recently established Black Sea export channel had been suspended due to risks posed by Russian warplanes and mines.
However, any disruption appeared limited.
The Ukrainian government denied on Thursday that the shipping corridor had been closed. Transport consultancy STC then reported that four vessels left Ukrainian Black Sea ports on Friday as shipping in the channel resumed.
Large Russian exports this season have eased concern about constraints on Ukrainian shipments and curbed exports from western Europe.
In monthly data on Thursday, the European Commission cut by 1 million tons its forecast of EU soft wheat exports in 2023/24 to 31 million tons, leading it to raise its outlook for end-of-season stocks.
A lull in import tenders this week has dampened export sentiment after talk of further Chinese demand buoyed wheat futures last week.
The wheat market has been pressured this week by rain relief in drought-affected Argentina and Australia, as well as showers across Europe, including in Ukraine, as farmers plant next year’s crop.
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