PARIS: Euronext wheat futures steadied into Wednesday's close having marked a new three-month low as weather in Europe improved and the US harvest advanced.
Spot September milling wheat on the Paris-based Euronext exchange settled up 0.50 euro, or 0.3%, at 180.25 euros ($202.33) a tonne.
It earlier fell to 178.25 euros, its lowest since March 18, as the filling of a chart gap to the downside reinforced selling momentum, dealers said.
Other Euronext contracts closed flat to slightly lower.
Euronext found some support in the euro, which extended losses against the dollar to a near two-week low.
A weaker euro makes European grain cheaper for export and brokers said the easing currency, along with the Euronext price fall, had stirred some fresh export demand in France.
Chicago wheat fell to its lowest level since October as progress in harvesting US winter wheat and strength in the dollar sapped prices.
In Europe, more showers and moderate temperatures forecast this week were encouraging the view that wheat crops would avoid further damage after a dry spring.
The Russian government's announcement on Tuesday that its initial plan does not include export quotas for July-December reinforced expectations that Russia was set for a reasonable harvest.
In Germany, the association of farm cooperatives only slightly reduced its estimate of this year's wheat crop, to 22.21 million tonnes.
"The harvest cut looks moderate considering the worry about dryness, and it appears we are on course for a decent crop this summer," one German trader said.-
Comments
Comments are closed for this article.