PARIS: Euronext wheat rose for a third day on Thursday to its highest in almost six weeks, driven by uncertainty over harvest prospects in Europe and other parts of the world.
Front-month September wheat on Paris-based Euronext was 1.00 euros, or 0.5%, higher by 1612 GMT at 188.00 euros ($212.50) a tonne. It earlier rose to 189.00 euros, its highest since May 29.
Chicago wheat added to a 4% surge from Wednesday as a reduced outlook for Argentina's wheat crop from the Rosario Grain Exchange stoked doubts over global supply following the latest forecasts in Europe.
Russian wheat futures rose further, supported by poor early harvest yields and a slow pace of field work in the Black Sea region.
In France, a first official forecast of the 2020 soft wheat crop on Tuesday spurred the rally, with the farm ministry surprising the market with a low area estimate that underpinned its projection of a 21% drop in production.
"We're seeing everything and its opposite," one broker said of French harvest reports. "Harvesting hasn't got going enough north of the Loire river to be able to say."
The price rise was capped by declining export competitiveness for French wheat, as well as uncertainty over demand because of the COVID-19 pandemic, traders said. In Germany, harvest prospects were seen as more favourable.
"Germany's wheat harvest is expected to start in late July or early August so wheat is not ripe yet.
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