PARIS: Euronext wheat edged lower on Thursday, pressured by a pullback in US futures while traders waited for harvesting to get going in Europe.
Front-month September milling wheat on Euronext settled 0.50 euro, or 0.3%, lower at 181.00 euros ($203.24) a tonne. The contract had reached a two-week high of 182.25 euros on Wednesday after an unexpectedly low official estimate of US corn planting sparked a rally in grains.
Chicago wheat fell as US crop futures saw profit-taking before a holiday closure on Friday.
"As the wheat harvest in the US progresses at a normal rate and Europe is just starting to get meaningfully underway, eyes continue to watch the weather before grain is secured in the barn," British merchant ADM Agriculture Ltd said in a note.
The European Union and Britain are on course for a 10% drop in wheat output this year, but swings in the weather have created much uncertainty, a Reuters survey showed.
Rain in the past month has tempered concern about losses due to a dry spring, particularly in Germany. "The picture for the wheat crop remains much better than this time last month after good volumes of rain," one German trader said.
German wheat harvesting could start on time in three weeks but rain this week could slow barley harvesting, the trader added.
Standard bread wheat with 12% protein for September delivery in Hamburg was offered for sale little changed at around 1 euro under the Paris December contract. EU data showed the bloc had exported 33.43 million tonnes of soft wheat in the 2019/20 season by June 28, up 60% from a year earlier.
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