Euronext wheat futures were mixed on Monday, with an upturn in export activity in France supporting front-month prices while expectations of improving flows from Russia weighed on deferred positions.
Benchmark December milling wheat on Paris-based Euronext settled 0.1% up at €228.25 ($255.78) a metric ton after the day session.
The front-month position posted a third straight daily gain as it recovered from a 3-1/2 month low of €223 struck last Wednesday.
Deferred contracts on Euronext traded slightly lower.
Prices were pressured last month by increasing Russian exports through the Baltic Sea and news that Russian grain vessels may resume transit through the Sea of Azov, which raised hopes of war de-escalation in the Black Sea.
"The market continues to watch for any indication of a possible resolution to the war situation in the Black Sea," a futures broker said.
"But for now loading activity (in France) is keeping the market fairly well supported."
At the northern French port of Dunkirk, one vessel is due to load about 65,000 tons of wheat for Egypt, while another two vessels are set to take about 100,000 tons between them for Yemen, LSEG data showed.
A sharp rise in the euro EUR= against the dollar nonetheless curbed gains on Euronext, while helping Chicago wheat edge higher.
In Russia, the world's largest wheat exporter, analysts have increased their estimates for October exports to around 3 million tons.
"Price rises are limited by the increasing volumes of both Russian and Ukrainian wheat arriving in export markets despite the Black Sea shipping disruption, with more and more tonnages from Russia offered for Baltic Sea sailings and Ukrainian via Romania," a German trader said.
Traders said that, on Monday alone, over 120,000 tons of Russian 12.5% protein wheat was offered for export sale in several consignments via Baltic ports at between $258 and $261 a ton FOB, about $5 below west EU wheat and $10 below Romanian.
($1 = 0.8924 euros)
(Reuters)
