PARIS: Euronext wheat steadied on Thursday after falling to a near one-week low, supported by a rebound in Chicago futures as traders adjusted positions before closely followed US government grain forecasts. September milling wheat on Paris-based Euronext was 0.4 percent up at €205.25 (USD234.79) a metric ton at 1601 GMT.
Earlier, it reached its lowest since July 3 at €202.50 as it retreated from Wednesday’s near-two-week peak. Chicago wheat turned higher to recoup a sharp fall from Wednesday, with attention shifting towards Friday’s monthly supply-and-demand report from the US Department of Agriculture.
“Attention will increasingly shift from acreage estimates to realised Northern Hemisphere yields and USDA balance sheet revisions, while strong Russian export availability and cautious import demand should continue to limit sustained wheat rallies,” British merchant ADM Agriculture said.
In Europe, wheat prices remained capped by expectations of an average-sized French harvest, despite some yield losses due to extreme heat and drought, and the prospect of bumper crops in rival exporting countries in the Black Sea zone, traders said.
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