PARIS: Euronext wheat futures were little changed on Thursday, holding near a three-month low as the prospect of large global production this year anchored prices while traders waited for wheat harvesting to get underway in France.
September milling wheat on Paris-based Euronext settled up 0.25 euros, or 0.1%, at 177.25 euros ($198.98) a tonne.
It held above a three-month low of 176.50 euros struck on Tuesday and again on Wednesday.
Euronext drew support from a firmer trend in Chicago wheat , which moved away from last week's nine-month low, along with an easing in the euro.
"With the wheat harvest steadily advancing northwards in the US and just commencing in Europe, the trade will continue its weather watch to obtain early indications of yields, and more importantly, quality," British merchant ADM Agriculture Ltd said in a note.
"Talk of improving wheat yields and production from within Russia should continue to provide major resistance to any substantial gain in European prices."
The International Grains Council (IGC) on Thursday raised its forecast for global wheat production in 2020/21, with improved outlooks for Australia and China offsetting a downward revision for the European Union.
The European Commission also cut sharply on Thursday its monthly forecast of the EU's soft wheat crop, now seen falling 10% from last year.
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