Euronext wheat futures edged higher on Wednesday as some buyers stepped in to take advantage of a slide earlier this week linked to investor worries about the spread of coronavirus.
Benchmark May milling wheat on the Paris-based Euronext settled up 0.50 euros, or 0.3%, at 189.00 euros ($205.41) a tonne.
The contract earlier equalled Tuesday's seven-week low of 187.75 euros, but held that level.
"There is some consumer buying on Paris wheat from millers and feed compounders, but everyone is wary of the next down move on coronavirus fears," a futures dealer said.
Chicago grain futures were little changed, having already recovered slightly by Tuesday's close.
A backdrop of sustained international demand, including tender purchases this week by Saudi Arabia and Tunisia, was also underpinning European prices.
Farm office FranceAgriMer said it was not seeing signs of disruption to export demand due to the coronavirus crisis in China, and continued to project wheat exports outside the European Union at 12.6 million tonnes this season.
"If there were several weeks of blocked trade, we could see exports postponed. That's not the case, but there are fears," Benoit Pietrement, head of FranceAgriMer's crop committee, told reporters at the Paris farm show.
However, a recent price drop in Russia along with a slide in the rouble this week had made Russian wheat more competitive and limited upside for western European prices.
Premiums in French port zones have eased this week partly due to renewed Russian competitiveness and an easing in demand after a recent run of export sales, brokers said.
In Germany, cash premiums in Hamburg ticked up because of a lack of selling interest and as a busy programme of ship loadings continued.
Standard bread wheat with 12% protein for April delivery in Hamburg was offered for sale at 5.5 euros over the Paris May contract, versus 5.0 euros over on Tuesday. Buyers were offering up to 4.5 euros over Paris.
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