PARIS: Euronext wheat rebounded on Tuesday after a run of 10 straight daily losses, joining Chicago futures in a technical rebound.

A sharp fall in the euro against the dollar and renewed strength in corn prices also helped wheat to steady, traders said.

However, favourable growing conditions for northern hemisphere crops and a lull in demand from major importers were still acting as a curb on wheat markets, they said.

Front-month May milling wheat on the Paris-based Euronext exchange was up 2.75 euros, or 1.3%, at 221.50 euros ($262.81) a tonne by 1625 GMT.

It earlier fell to equal Monday’s five-week low of 218.25 euros. That increased a decline in front-month prices to more than 13% since the March 1 peak of 252.75 euros, which had marked a near eight-year high.

Front-month wheat on the Euronext then recovered as Chicago wheat rebounded strongly in Tuesday’s US session following a three-month low.

“There was a decent technical rebound in Chicago around $6.20,” a futures dealer said. “But it’s more of a bounce in a market that remains bearish near term.”

In Germany, a lack of new export demand was also hanging over the market.

A ship was set to load 30,000 tonnes of German wheat for Algeria this week, after nine other ships with a similar volume earlier in March for the same destination.

Algeria is expected to be Germany’s largest export customer this season.

Rapeseed on the Euronext joined a broader rally in oilseed markets, as higher expected US biofuel demand for soyoil put attention back on a tight supply of vegetable oils. Front-month rapeseed was up 1.5% at 520.75 euros a tonne, climbing back towards an all-time high of 528.75 euros struck earlier this month.