Euronext wheat futures ticked lower in thin volumes on Wednesday after a series of crop forecasts broadly confirmed a trend of healthy export demand and ample global supplies.
March milling wheat, the most active contract on the Paris-based Euronext exchange, was down 0.25 euro, or 0.1%, at 182.75 euros ($201.43) a tonne by 1649 GMT.
It earlier eased to 182.50 euros, equalling a near two-week low touched on Tuesday, but continued to hold chart support around that level.
Chicago wheat, the global benchmark, also eased as traders set a reduced forecast of US stocks from the US Department of Agriculture (USDA) against large global supplies.
The USDA's closely watched monthly world crop report on Tuesday drew little reaction, with the agency leaving unchanged US corn and soybean supply while making anticipated cuts to weather-worn wheat harvests in Australia and Argentina.
Wheat export and sowing estimates in France, the European Union's biggest grain producer, were also seen as in line with expectations although they were helping underpin Euronext and French physical prices, traders said.
In its first sowing estimates for next year's harvest, the farm ministry on Tuesday put France's winter soft wheat area at 4.73 million hectares, down 4.8% compared with this year, following heavy rain.
Farming agency FranceAgriMer on Wednesday increased its forecast for French soft wheat exports outside the EU this season for the third month in a row, to 12.2 million tonnes.
That came after Egypt bought 120,000 tonnes of French wheat as part of a purchase of 355,000 tonnes of wheat in an import tender on Tuesday.
French physical premiums for nearby delivery held firm amid signs of continuing export demand, brokers said.
Traders were also monitoring an ongoing rail strike in France amid protests against pension reform, although they said it would have to last some time to disrupt a grain market that is starting to wind down before holidays at the end of the year.
Comments
Comments are closed for this article.