PARIS: Euronext wheat edged higher in afternoon trading on Thursday, recovering from an earlier one-week low, as market participants assessed crop weather while awaiting US government grain forecasts.
September milling wheat on the Paris-based Euronext exchange was up 1.00 euro, or 0.5%, at 213.50 euros ($259.70) a tonne by 1533 GMT.
It earlier fell to its weakest since May 31 at 211.00 euros before steadying in step with US wheat.
Wheat markets have been pressured this week by rain relief for spring crops in North America, as well as continuing good conditions in Europe.
However, tensions in global corn supply were underpinning wheat prices, with investors watching for the US Department of Agriculture's supply and demand forecasts later on Thursday to see if the USDA would revise down US inventories and Brazilian production.
A purchase by Algeria in a tender this week has also underscored steady demand for the upcoming season.
The purchased was generally seen at around 480,000 tonnes but some traders continued to estimate the volume slightly higher at up to 520,000 tonnes.
In Poland, prices firmed in the part week, partly due to strong demand from the domestic animal feed industry with maize (corn) prices remaining high.
Exporter purchase prices for Polish 12.5 percent protein wheat prices rose 10 zloty on the week to about 1,010 zloty (225.8 euros) a tonne for June delivery to port silos.
In Gdansk one vessel is loading 33,000 tonnes of wheat for Algeria. "In July we expect no more than 100,000 to 150,000 of wheat to be exported from Poland's old crop stocks," a Polish traders said.
"Then we will wait for the new crop grains, which so far look in excellent condition due to very good weather with recently much higher temperatures enabling grains to grow faster." Polish new-crop wheat was seen as in contention to supply some of the latest Algerian tender purchase, which is for shipment in August, alongside German, Baltic and French supplies
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