PARIS: Euronext wheat futures rose on Friday, recovering from a three-week low as Chicago grain futures rebounded from a steep fall a day earlier.
Front-month September milling wheat on Paris-based Euronext settled up 3.75 euros, or 1.8%, at 208.25 euros ($247.19) a tonne.
The contract had fallen on Thursday to 204.25 euros, its lowest since May 26, pressured by heavy losses in Chicago fuelled by improving weather forecasts and a broad sell-off in commodities.
Chicago corn, wheat and soybeans rebounded sharply on Friday as investors assessed continuing dry weather risks in US crop regions.
“The fall yesterday looks to be overdone given there is the bulk of the US growing season still to come,” a futures dealer said.
Over the week, Euronext September futures were down 3 euros, or 1.4%.
In Europe, harvest prospects remained favourable and were supporting expectations of brisk early exports in the 2021/22 season that begins in July.
In France, wheat ratings were stable in the week to June 14, with most crops staying in good condition during a hot spell, data from farm office FranceAgriMer showed.
Storms since Wednesday in France were expected to maintain positive harvest prospects by bringing moisture and milder temperatures.
Traders have reported initial winter barley harvesting on France’s west coast, but with volumes too small to assess crop yields and quality.
In Sweden, there was concern about unfavourable weather in parts of the country.
“Warm and dry weather has continued during the past week, crop development has progressed well and expected harvest time has moved closer to normal,” one Swedish trader said.
Premiums for 11% protein Swedish milling wheat for handy size shipment were around 4 euros under Euronext December for September shipment, against 5 euros under last week.
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