PARIS: Euronext wheat rose on Friday, recovering with Chicago from six-month lows struck a day earlier as the market continued to assess prospects for increased exports from the war-disrupted Black Sea region. December wheat on Paris-based Euronext was up 1.3% at 310.00 euros ($311.27) a tonne by 1558 GMT.
On Thursday the contract had fallen to 301.25 euros, the weakest second-month price on Euronext since Feb. 25, the day after Russia began its invasion of Ukraine.
Over the week, the contract was showing a 5.6% fall. A rebound in Chicago, a fall in the euro against the dollar, and talk of demand for competitively priced lower-protein wheat in France encouraged Friday’s rebound on Euronext, traders said.
Wheat markets have been pressured this week by the resumption of sea exports from Ukraine, coupled with talk of falling wheat prices in both Ukraine and Russia, which is trying to shift an expected record harvest.
A further 10 cargo ships are being loaded with grain in Ukrainian Black Sea ports, Infrastructure Minister Oleksandr Kubrakov said on Friday, confirming a steady pace of exports under a UN-brokered maritime corridor agreement.
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