PARIS: Euronext wheat futures fell for a third straight session on Monday to their lowest in over two weeks, pressured by a flurry of selling in Chicago and easing concerns about global crop production.
Benchmark March milling wheat on Paris-based Euronext settled down 4.50 euros, or 1.6%, at 274.00 euros ($309.24) a tonne.
It earlier slipped to 272.25 euros, its lowest since Dec. 16, before finding chart support.
Chicago wheat dropped steeply in early US trading, with traders citing a firm dollar, disappointing US export inspection data and abating concerns about US wheat crops as they enter winter dormancy.
Traders said adjustments by investment funds contributed to the fall, with many market participants yet to resume regular activity after the year-end holidays.
Wheat markets rallied strongly in 2021, with Euronext front-month futures rising 30% during a year in which they set a record high, after mixed northern hemisphere harvests and strong global demand.
Wheat futures have seen bouts of selling since late last year, with expectations of bumper harvests in Argentina and Australia encouraging some liquidation of long positions.
In rapeseed, February futures on Euronext ended up 2.3% at 771.25 euros, with a rally in soybeans linked to weather risks in South America adding to ongoing support from tight old-crop rapeseed supply in Europe.
The front-month rapeseed contract hit a record high for Euronext at 791.50 euros last week.
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