PARIS: Euronext wheat ended little changed on Tuesday, pausing after an earlier 7-1/2 year high as traders awaited further indications on how a planned Russian export tax will affect global wheat trade.
The market was also looking ahead to an import tender to be held by Algeria on Wednesday to see how the biggest buyer of European Union wheat would adjust to high prices and less availability.
March milling wheat on Paris-based Euronext settled unchanged on the day at 235.75 euros ($285.75) a tonne.
It earlier climbed to 240.25 euros, another highest front-month price since May 2013.
Euronext gave up its gains in step with Chicago and Russian wheat futures after they failed to surpass last week’s highs.
Further-away delivery positions on Euronext fell slightly, with traders citing some forward selling of 2021 crop by producers.
Russia’s proposed export taxes, aimed at cooling food inflation, have pushed up both Russian export prices and prices of other origins like EU and US wheat seen in contention to take demand from Russia.
“Algeria is tendering for wheat on Wednesday, Turkey has a large tender for 400,000 tonnes on Friday and more demand is expected from Asia later this week,” one German trader said.