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PARIS: Euronext wheat was little changed on Wednesday as traders assessed weather conditions for crops in North America and Europe and export prospects for the upcoming season.

Front-month September milling wheat on Paris-based Euronext settled down 0.25 euro, or 0.1%, at 206.75 euros ($246.65) a tonne.

It earlier rose to a one-week high of 209.50 euros as Chicago futures rebounded with support from drought concerns surrounding US spring wheat.

Favourable harvest prospects in Europe continued to cap prices on Euronext, although heavy rain and overcast skies this week in France were raising some doubts about the final development of crops in the European Union’s top wheat producer, traders said.

Export sentiment was cautious, with news of a shipment of Russian wheat to Algeria raising the possibility of increased competition for European Union wheat in its main export market.

Talk of recent Australian wheat sales to China was also clouding French prospects in what has become another major export outlet.

Euronext rapeseed rose sharply, supported by gains for Canadian canola and global vegetable oil prices. August futures settled 2.6% higher at 507.00 euros a tonne after breaching the psychological 500 euro threshold.

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