Paris wheat near lows as euro strength offsets Chicago rally

Dow Jones Industrial Average -1.24%
S&P 500 index -1.46%
NASDAQ -1.62%

Dow Jones Industrial Average




S&P 500 index








- Benchmark wheat futures on Euronext held near a two-year low on Thursday as a rally in the euro against the dollar maintained negative export sentiment and countered support from gains in Chicago.

March wheat BL2H4 on Paris-based Euronext was up 0.3% at 222.00 euros ($245.75) a metric ton by 1655 GMT.

The front-month contract earlier equalled last Friday's low of 220.50 euros that was the weakest level since December 2021.

The euro EUR= extended a rally against the dollar to a five-month high before easing back, as investors continued to factor in possible U.S. interest rate cuts next year. FRX/

The euro's strength has added to export concerns in the European Union, where wheat shipments are lagging last season's pace.

"The EUR/USD exchange rate, surpassing $1.11 for the first time in five months, poses a challenge for European traders, hindering their competitiveness in the global markets," brokerage Copenhagen Merchants said in a note.

Chicago wheat Wv1 rebounded from a day-earlier fall, helped by the dollar's weakness and concern over Black Sea trade after a report that a vessel due to load grain at a Ukrainian port on the Danube was damaged by a mine at sea. GRA/

News that major importer Egypt cancelled a wheat tender on Thursday also deprived the market of fresh impetus from demand.

Volumes on Euronext remained light, with many participants away from their desks until after the New Year holiday.

Financial investors extended their net short position in Euronext wheat last week, data published by the exchange on Wednesday showed.

Regular rain and mild temperatures forecast in most of Europe for the turn of the year were expected to keep developing crops in good conditions, though further showers may add to problems in parts of western Europe where heavy autumn rain disrupted planting.

($1 = 0.9033 euros)

(Reporting by Gus Trompiz; Editing by Kirsten Donovan)

((; +33 1 49 49 52 18; Reuters Messaging:

Every question you ask will be answered
Scan the QR code to contact us
Also you can contact us via