Paris wheat eases from three-week high amid Black Sea competition
Updates prices
PARIS, Sept 9 (Reuters) -Euronext wheat futures eased on Monday as brisk Black Sea exports encouraged Paris prices to retreat from a three-week high.
Grain markets were also consolidating with an eye on widely followed U.S. government crop forecasts later this week.
December wheat BL2Z4, the most-active position on Paris-based Euronext, settled down 0.3% at 218.00 euros ($240.85) per metric ton.
The contract was moving away from Friday's peak of 222.50 euros, which capped a recovery from nearly a six-month low of 204.75 euros in late August.
"The rebound had gone so far. There's maybe a little profit-taking in the run-up to the USDA report," a futures dealer said, referring to the U.S. Department of Agriculture's world crop outlook due on Thursday.
Chicago wheat Wv1 recovered from an earlier fall to edge higher in U.S. trading, helped by weekly U.S. export inspections near the high end of expectations. GRA/
Dry weather in the U.S. Midwest, which has supported a similar recovery in corn, was now creating some pressure as it could hasten the start of harvest work.
Large exports of cheaper Black Sea wheat remained a curb on Paris and Chicago futures.
Russian wheat export prices were little changed late last week, with IKAR assessing 12.5% protein new-crop wheat free-on-board (FOB) for October at $215 per metric ton and fellow consultancy Sovecon reporting $218-$221 per ton for nearest delivery dates for the same protein content.
IKAR said separately on Monday it had lowered its forecasts for Russian wheat production and exports this season.
However, export data from Sovecon underlined brisk recent activity, with the consultancy pegging Russian wheat exports at 5.7 million tons in August, up sharply from 3.6 million in July.
In Ukraine, which has expanded wartime exports through a shipping channel along the western edge of the Black Sea, APK-Inform has increased its 2024/25 Ukrainian wheat export forecast, the consultancy said on Monday.
In France, facing its smallest wheat crop since the 1980s coupled with mixed milling quality, export activity remained thin, with grain shipments still dominated by barley loadings for China, according to LSEG data. GRAIN/SHP/FR
($1 = 0.9051 euros)
Reporting by Gus Trompiz; Editing by Paul Simao and Tomasz Janowski
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