PARIS: Euronext wheat fell on Tuesday to a one-week low in step with Chicago futures, as the market lacked fresh impetus after a rally last week and faced supply pressures from beneficial rain in major production zones, dealers said. December wheat on Paris-based Euronext settled 1.4% down at 234.50 euros ($248.59) a metric ton after touching its weakest since Oct. 17.
Chicago wheat also slipped to a one-week low, with additional pressure coming from a rebound in the dollar index. A corresponding drop in the euro against the dollar failed to boost Euronext prices. After Euronext hit a 2-1/2 week peak last Wednesday amid speculation about Chinese imports and supply tensions in India, dealers said there was an absence of export news to sustain prices.
Supply concerns in the wheat market ebbed following rain relief in drought-affected southern hemisphere exporters Australia and Argentina, as well as widespread rain expected this week in European and US wheat belts where farmers are sowing crops for next year’s harvest.
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