PARIS: Euronext wheat futures were little changed, holding close to 2-1/2 month lows, with a firm euro underscoring weak export prospects and countering support from higher U.S. prices.
December milling wheat on Paris-based Euronext was unchanged on the day at 158.75 euros a tonne by 1710 GMT.
It earlier slipped to its lowest since late August at 158.25 euros, before steadying as Chicago wheat rose more than 1 percent in U.S. trading.
March futures on Euronext were also flat on the day at 163.25 euros, after earlier equalling a 2-1/2 month low of 163.00 euros struck on Wednesday.
“Euronext has reached some pretty low levels, and there’s not much happening to change that,” one futures trader said.
The euro climbed back near $1.18 against the dollar on Friday, retaining most of its gains from a sharp rally this week. A stronger euro makes grain from major producers like France and Germany more expensive for export.
Western European wheat exports have already been curbed by massive shipments of Russian wheat following a record crop in the country.
European Union common wheat exports are running 23 percent below last season’s pace, official data showed on Thursday. Farming agency FranceAgriMer, meanwhile, lowered on Thursday its forecast for French soft wheat shipments outside the EU in 2017/18.
The tough export context was weighing on the physical market in France, where cash premiums were broadly stable over the week and not marked up to compensate for the fall on Euronext, brokers said.
Weekly crop data from FranceAgriMer on Friday showed farmers had almost finished sowing soft wheat for next year, with 95 percent of the expected area sown as of Nov. 13.
