Euronext wheat climbed to one week high on Wednesday supported by export demand and a broad-based recovery in global equity and commodity markets after recent losses fuelled by a coronavirus outbreak in China.
March milling wheat on Paris-based Euronext was up 2.50 euros, or 1.3%, at 193.25 euros ($212.65) a tonne by 1727 GMT, after earlier rising to its highest since Jan. 29 at 193.75 euros.
The contract has slipped to its lowest in more than three weeks on Monday as investors feared a new coronavirus, which has killed hundreds of people in China and led to travel restrictions, would hurt economic activity.
Global equity markets surged on Wednesday as expectations of more central bank stimulus and reports that suggest scientists are closing in on a vaccine for the deadly coronavirus boosted sentiment.
"Euronext is following the other markets but French wheat is also competitive at current levels and there is healthy short-term demand," a futures dealer said.
Shipments of soft wheat from France held at a six-year high in January despite port strikes that delayed loadings and caused logistical difficulties, Refinitiv data showed.
Physical wheat premiums in French port zones were steady to higher on Wednesday, brokers said.