European wheat futures rose on Wednesday, supported by higher prices in Chicago and a sharp fall in the euro, but low volumes after the New Year holiday subdued the market. March milling wheat on the Paris-based Euronext exchange settled up 0.75 euros, or 0.4 percent, at 204.00 euros ($231.52) a tonne. Euronext closed early on Monday ahead of the New Year holiday and trading was slow to resume, with many market participants not expected to return until next week.
Chicago wheat rebounded after slipping to its lowest in over a month on Monday.
Meanwhile, the euro dropped around 1 percent against the dollar after disappointing euro zone data, making grain priced in the currency cheaper overseas.
"The market retains a buying edge but there's not enough participation today," one futures dealer said. "The export question remains whether the US will sell more and if there will be room too for more French sales."
Euronext spot futures notched up their biggest annual gain since 2010 last year amid a steep drop in global wheat production and expectations that tightening supply in top exporter Russia would lead to more demand for US and west European wheat.
However, prices were capped at the end of 2018 by still vigorous Russian shipments and the absence of export restrictions from the country's authorities.
Russian wheat exports rose sharply to 1.2 million tonnes in the last week of December, but trade is expected to be thin during the Dec. 30-Jan. 8 New Year holiday, the SovEcon agricultural consultancy said.