PARIS: Euronext wheat consolidated for a second day on Tuesday as traders set a firm trend in Chicago and brisk international demand against a jump in the euro and improving crop conditions.
Front-month December milling wheat on Paris-based Euronext settled 0.25 euro, or 0.1%, higher at 205.25 euros ($240.68) a tonne.
The spot contract earlier rose to a one-week high at 207.75 euros, helped by an overnight rise for US futures.
It later gave up gains as the Chicago wheat rally faltered and the euro rose sharply against the dollar.
After hitting multiyear highs during October, wheat markets came under pressure last week from rain relief for parched growing belts in Russia and the United States, as well as investor worries about renewed coronavirus lockdown measures.
Traders said the market was now awaiting a clearer picture of corn and soybean harvesting in the United States, wheat harvesting in Australia and Argentina, and the condition of US and Russian wheat before winter.
Some volatility was also expected this week in the wake of Tuesday’s US presidential election that comes after a bitter campaign between President Donald Trump and challenger Joe Biden.
Latest tenders by importing countries underscored steady international wheat demand, with Tunisia booking 50,000 tonnes and Pakistan considering offers in a tender seeking 320,000 tonnes.
French wheat exports rebounded in October, fuelled by the biggest monthly shipments to China in at least a decade, Refinitiv loading data showed.
After virtually no French wheat was shipped to Algeria in September and October, loading schedules showed around 60,000 tonnes were due to be shipped in early November.
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