PARIS: European wheat futures ended higher on Friday after an earlier seven-week low, encouraged by a technical rebound in Chicago as traders awaited a clearer picture about supply in top wheat exporter Russia.
Benchmark December milling wheat on Paris-based Euronext, settled 1.0 euro, or 0.5 percent, higher at 197.75 euros a tonne, after earlier in the session falling to 195.50 euros, its lowest since July 24.
Chicago Board of Trade wheat, the global benchmark, rose after striking an eight-week low a day earlier.
"It's a tentative technical rebound," a futures dealer said. "Chicago finding a floor and the easing in the euro have helped Paris."
Wheat markets were curbed this week by a US government report that raised projected global stocks, supported by an increase estimate of Russian wheat production.
The revisions ran contrary to recent speculation that Russia is facing tightening supply and could apply export restrictions to cool domestic prices.
News that Russia's food safety watchdog has beefed up quality controls on grain exports revived talk that restrictions could be coming, although the authority rejected any intention to limit exports.
"As long as Russia doesn't make a big announcement, the market may struggle," the dealer said.
In exports, Tunisia bought 67,000 tonnes of milling wheat in a purchase expected to be sourced the Black Sea region.
Traders were also awaiting the results of a tender by Saudi Arabia being held this weekend, with interest in whether French wheat could pick up sales given limited supplies in more regular Saudi suppliers like Germany due to poor harvests.
The physical market in France was quiet on Friday, with brokers noting the absence of some operators attending industry events in the northwest and the east of the country.
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