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PARIS: Euronext wheat edged higher on Thursday, recovering from one week low as Chicago grain futures steadied following a day-earlier slide and supply in Europe remained tight.

Front-month March milling wheat on Paris-based Euronext was up 1.00 euro, or 0.5% at 222.50 euros ($269.80) a tonne by 1716 GMT.

The contract earlier edged down to 221.25 euros, equalling Wednesday’s one-week low, but again found chart support at that level.

Chicago wheat was little changed, holding above a one-week low in the previous session, while US corn and soybeans bounced after two-week lows.

Grain prices had fallen steeply since Tuesday’s monthly crop forecasts from the US Department of Agriculture (USDA) disappointed traders with a smaller-than-expected reduction in US corn stocks following massive recent export sales to China.

“Bullish sentiment surrounding global corn and soybeans had been driving the markets higher,” British merchant ADM Agriculture said in a note.

“The trade now has to determine whether this was a major market reversal or a market just taking a huge pause for breath.”

Steady export demand was continuing to erode wheat supplies in Europe after last year’s smaller harvest.

Consultancy Strategie Grains raised by 1 million tonnes its forecast for soft wheat exports from the European Union and Britain this season.

Traders were monitoring bitter cold weather in Europe this week, although risks were seen more in logistics than for crops often protected by snow from double-digit negative Celsius temperatures. “The canals in north and central Germany have frozen up and this is causing logistics problems, especially for grain deliveries to the Netherlands and Belgium,” one German trader said.—Reuters

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