PARIS: Euronext wheat edged down on Tuesday, consolidating after a day-earlier rally as traders set weather and war risks to Black Sea supply against signs that Russia and Ukraine were continuing to dominate export markets with cheaper prices.
December wheat on Paris-based Euronext was down 0.3% at 219.50 euros ($244.87) a metric ton by 1420 GMT. It earlier extended Monday’s gains to reach its highest in almost a week at 221.75 euros before turning lower.
Chicago wheat edged up. Wheat drew some support from oilseed markets, with drought in Brazil and news of economic stimulus measures in China pushing soybeans and other oilseed products higher. “The Chinese stimulus is the main factor driving oilseeds and that’s helping other crop markets a bit,” a futures dealer said.
November rapeseed on Euronext rose 1.2% to a near two-month high of 480.75 euros per ton.
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