PARIS: Euronext wheat futures fell on Friday, ceding some of its gains after a volatile week marked by huge Chinese demand for US corn.

A lack of fresh impetus in the wheat market, with traders waiting to see when top importer Egypt returns to the market, also encouraged Euronext to consolidate at the end of a month marked by multi-year highs across grains.

March milling wheat on Paris-based Euronext was down 2.75 euros, or 1.2%, at 227.00 euros ($275.51) a tonne at 1615 GMT.

US corn continued to underpin grain markets as the Department of Agriculture reported the biggest-ever sale of US corn to China at 2.1 million tonnes, taking reported sales this week to more than 5.8 million tonnes.

“You get the impression that funds are booking profits in quite a few markets but not in corn,” a futures dealer said. “Wheat is lacking a clear storyline.”

Momentum on Euronext was curbed by the absence of importers like Egyptian state buyer GASC, as well as signs of increased shipments from Russia and some Australian wheat exports to China, traders said.

“Traders are awaiting every day a new tender from GASC to see which countries now have the price lead and the comparison between French, Ukrainian and Romanian prices,” a German trader said. “Some big buyers in Asia were also expected to tender this week but did not appear, which was disappointing.”

Consultancy Sovecon said on Friday it has raised its forecast for Russia’s 2020/21 wheat exports by 1.6 million tonnes to 37.9 million, citing current high export levels.

Like some traders, Sovecon believes Russia’s plans to introduce a formula-based export tax in the new marketing season starting in July could remove the incentive for farmers to hold onto grain because of export levies to be applied for the rest of this season.

Standard milling wheat with 12% protein for February delivery in Hamburg was offered for sale unchanged at around 5 euros over Paris March.