PARIS: Euronext wheat rose on Monday, recovering from the previous session's three-month low, as Chicago grain futures rebounded ahead of closely watched US crop data and traders awaited a clearer picture of northern hemisphere harvesting.
Front-month September milling wheat on Paris-based Euronext settled up 3.00 euros, or 1.70%, at 179.25 euros ($201.42) a tonne.
On Friday, the contract fell to 175.75 euros, its weakest since March 18.
Chicago wheat climbed 2% in US trading in a bounce following Friday's near 10-month low.
After improved prospects for upcoming northern hemisphere harvests weighed on wheat prices this month, investors were adjusting positions before the US Department of Agriculture's (USDA) estimates of US crop plantings and stocks on Tuesday.
"There is a lack of weather premium in the market at the moment," consultancy Agritel said in a note.
Euronext found some support in caution before the European Union harvest, which is expected to show a sharp decline in production, including in France, despite improved crop weather this month.
"The possibility of a bigger decline than expected in the French wheat crop has re-emerged," Agritel added.
In Germany, weekend rain in northern regions helped increase optimism that the country's harvest will reach a decent size despite a dry spring.
"Overall I think we are now facing a reasonable crop this summer, although not with bumper yields," one German trader said.
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.
Africa continued to be a leading destination for Germany's old crop wheat exports, with recent shipments including a vessel with 25,000 tonnes for Angola and about 30,000 tonnes for Guinea.
Weekly European Union grain export data usually released on Monday was delayed due to a technical issue, the European Commission said.
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