PARIS: Euronext wheat dropped on Thursday to one week low, tracking a pullback in US and Russian prices as a demand-fuelled rally in wheat markets faltered.
Front-month December milling wheat, the most active contract on Paris-based Euronext, was down 1.00 euro, or 0.5%, at 193.00 euros ($224.86) a tonne at 1420 GMT.
The contract earlier fell to a one-week low of 191.50 euros as a chart gap created at the open spurred selling, before it pared losses as Chicago wheat steadied in US trading.
A two-month low for the euro against the dollar also helped limit the drop on Euronext.
The Euronext spot contract had on Tuesday reached a five-month high of 195.75 euros, as purchases by importing countries boosted Russian prices.
"All the main wheat markets are correcting a little bit after the effervescence of the past week," a futures dealer said.
Export activity in France remained light after the summer's small harvest, with the exception of a continuing flow of shipments to China.
In Poland, prices rose sharply in the past week supported by strong export demand while a weaker trend in the zloty raised hopes for more sales.
Polish 12.5% protein wheat prices rose by 50 zloty over the last week to around 835 zloty a tonne (184.2 euros) for September/October delivery to ports.
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