PARIS: Euronext wheat came off a three-week high to end little changed on Thursday, as grain markets digested lower than expected US acreage estimates.
In a widely followed report on Wednesday, the US Department of Agriculture pegged US soybean and corn plantings below average market expectations, triggering a surge in Chicago corn and soy futures.
December milling wheat, the most active contract on Paris-based Euronext, settled down 0.25 euros, or 0.1% at 209.50 euros ($248.22) a tonne.
It earlier extended gains from the previous session to reach 214.50 euros, its highest since June 9, before easing back below the 210 euro technical level, dealers said.
Harvest prospects in France remained favourable but frequent showers in France in the past two weeks have raised late concern.
“For 2021/22, there is a bigger planted area with cereals and fields are currently looking good, both for wheat and barley, so logically we should have a decent harvest,” Joel Ratel, director of Nord Cereales, the grain terminal operator at the northern French port of Dunkirk.
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