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PARIS: Euronext wheat slipped on Thursday to give back more of its early-week gains as traders monitored tensions over Ukraine that have generated fears of disruption to vital grain exports through the Black Sea.

March futures on Euronext settled 4.0 euros, or 1.4%, lower at 277.25 euros ($308.97) a tonne. The fall added to steep losses on Wednesday when the contract pulled back from Tuesday’s four-week high of 291.75 euros.

A sharp drop in the euro against the dollar had helped Euronext to steady earlier, before further losses in Chicago pressured the European market. Traders said volatility due to worries over Ukraine had been amplified this week by heavy options trading.

“The market is trying to find its feet after some price reactions up and down that were a bit excessive,” a futures trader said. “We could establish a price range, unless Putin springs something.”

Russia said on Thursday the United States was not willing to address its main security concerns in their standoff over Ukraine, but kept the door open for further dialogue. Swings in futures were complicating physical market activity.

“Euronext daily trading ranges of 9 euros or so have been seen this week and it is difficult for cash markets to decide where the trading levels are as outright prices tumble around,” one German trader said.

“The fear of immediate fighting between Russia and Ukraine is subsiding but it seems some of the biggest international importers like Egypt and Saudi Arabia may delay issuing new tenders until there is a clearer view of the Ukrainian situation.”

In Germany, standard 12% protein wheat for February onwards delivery in Hamburg was offered for sale at about 10 euros over Euronext March with purchase interest at around 8 euros over. In France, there was mixed reaction to an Algerian tender on Wednesday.

Traders welcomed reports that state buyer OAIC had been ready to accept offers of French wheat, suggesting a diplomatic row was subsiding. However, expectations that cheaper Black Sea origins would cover OAIC’s purchase, seen at 60,000-80,000 tonnes, underscored concerns about flagging French exports.

The European Commission raised its monthly forecast of European Union soft wheat stocks in 2021/22 as it increased expected imports while leaving its export outlook unchanged.

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