European wheat futures finished little changed on Monday as weakness in Chicago dragged prices back after they climbed to the highest level in more than seven months. Benchmark December milling wheat, the most active contract on Paris-based Euronext, settled at an unchanged 179.25 euros a tonne, having peaked earlier at 180.50 euros, the highest since October 4.
Prices were underpinned by weakness of the euro against the dollar, with Europe's single currency falling to its lowest level since mid-November. The most active wheat contract on the Chicago Board of Trade was down 1.3 percent at $5.11-1/2 a bushel at 1703 GMT, retreating from a session high of $5.25-1/2.
Dealers said an improved outlook in major wheat exporter Russia also weighed on prices. Russian wheat export prices fell last week as rains improved conditions for the new crop in Russia, analysts said on Monday.
Harvesting in Russia, one of the world's largest wheat exporters, usually starts in the second half of June. The country produced a record grain crop in 2017 and prospects for this year's harvest are also good. Feed wheat futures in London were underpinned by a decline in sterling to a five-month low against the dollar, with the November contract ending 0.55 pounds up at 153.05 pounds a tonne. There was little trade in cash grain markets across the European Union because of public holidays in several countries including France and Germany.
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