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PARIS: Euronext wheat rose on Thursday, recovering from a 22-month low hit in the previous session, as weather risks, import demand and improved sentiment on financial markets encouraged buying.

Euronext pared earlier gains, however, as the euro rallied against the dollar and large, cheaper supplies in Russia hung over the market, traders said.

September wheat, the most active contract on Paris-based Euronext, settled up 1.2% at 220.75 euros ($243.00) a tonne. On Wednesday, the contract had dropped to 215.25 euros, Euronext’s lowest front-month price since late July 2021, as Chicago Board of Trade (CBOT) wheat slid to a new 2-1/2-year low. US futures also rallied on Thursday, supported by a falling dollar. “Markets hit lows on Wednesday, with CBOT entering oversold territory unsurprisingly, this triggered a round of short-covering,” British merchant ADM Agriculture said in a note.

In China, the world’s top wheat grower and also a major importer, the province of Henan is expected to be hit by more rain in coming days, state forecasters said on Thursday, complicating efforts to harvest grain already damaged by wetter than normal weather in late May. After a recent lull in importer demand, Saudi Arabia’s General Food Security Authority (GFSA) on Thursday issued an international tender to buy 480,000 tonnes of wheat for delivery in September and October. “This is the first major Middle East/North African tender since Algeria in early May so hopefully other importers could follow,” one German trader said.

“But Russian exporters have already told me today they will be offering briskly in the Saudi tender.” Traders again noted large and cheap sale offers for 50,000 tonnes of Russian 12.5% protein milling wheat of the same type sought by Saudi Arabia for July shipment at $230 a tonne FOB.

“I think $230 a tonne FOB for Russian wheat is also achievable for the September/October shipment periods sought by Saudi. This is around $15 to $18 cheaper than German/Baltic and shows the uphill battle west EU wheat will face in the Saudi tender,” another trader said.

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