PARIS: Euronext wheat futures edged higher on Thursday, with weakness in the euro helping the market consolidate after a steep fall over the past week.
Favourable harvest prospects in the northern hemisphere continued to weigh on sentiment and kept new-crop prices near contract lows.
New-crop September milling wheat on the Paris-based Euronext exchange was up 0.50 euros, or 0.3 percent, at 171.75 euros ($191.30) a tonne by 1622 GMT.
It earlier fell to a new life-of-contract low at 171.00 euros, which also marked a fresh one-year low for a second-month price.
Front-month May wheat was up 0.25 euros at 181.75 euros a tonne, after earlier equalling Wednesday's six-week low of 181.25 euros. Weakness in the euro, which fell to its lowest in almost two years against the dollar, underpinned the European market.
"The only element of support for the moment in Europe is the decline of the euro," consultancy Agritel said.
Chicago wheat was little changed in US trading after falling to a new six-week low earlier in the day.
The International Grains Council (IGC) on Thursday raised its outlook for world wheat production in the upcoming 2019/2020 season, largely reflecting an improved outlook for Russia's crop.
The estimate underscored expectations of ample global supply next season after an official forecast projecting increased Canadian wheat sowings on Wednesday and favourable growing conditions for US and Russian wheat.
Showers in Europe this week were also tempering concerns about dry conditions in the region, although more rain was seen as necessary for crops given low moisture reserves after the drought in 2018.
In exports, Saudi Arabia announced a tender seeking 600,000 tonnes of hard wheat, which could bring sales for high-protein wheat suppliers like Germany and the Baltic states.
Tunisia, meanwhile, bought 92,000 tonnes of optional-origin soft wheat in a tender on Thursday.
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