Paris wheat higher on renewed doubts over Russian exports

PARIS: Euronext wheat futures rose on Wednesday after a Russian agricultural inspection authority re-focused attention on a potential slowdown in shipments from the world's top supplier.

Benchmark December milling wheat on Euronext settled up 1.25 euro or 0.6 percent at 201.25 euros ($231.84) a tonne, after hitting a one-week high of 203.25 euros.

Russia's Rosselkhoznadzor watchdog said late on Tuesday that 30 grain loading points in two export regions could be suspended for up to 90 days due to violations of phytosanitary rules, pushing U.S. futures higher.

But one of the authority's regional offices was quoted by news agency RIA on Wednesday as saying there were no immediate plans to suspend operations at loading points in Black Sea ports near the city of Krasnodar.

"The market moved in response to the statements and counter-statements from the Russians, ending up back in the same range of the past few days," a Euronext dealer said.

Speculation about a drop-off in Russian exports, including through government restrictions, has triggered sporadic rallies in wheat markets as traders expect Russian supplies to wane after a smaller harvest and a brisk start to its export campaign.

Euronext remained underpinned by the psychologically-important 200 euro level and also found support in a weaker euro, dealers said.

Financial investors reduced their net long position in Euronext's milling wheat futures and options in the week to Sept. 28, data published by Euronext showed.