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Euronext wheat futures closed slightly higher on Monday, supported by healthy export demand in France, but were below an earlier 2-1/2 month high as optimism over US-China talks ebbed. Benchmark December milling wheat on Paris-based Euronext settled 0.25 euro, or 0.1%, higher at 180.25 euros ($198.80) a tonne. It earlier climbed to 181.00 euros, its highest since July 31, but remained shy of chart resistance at 181.50 euros.

Euronext initially tracked Friday's strong closing gains on US grain markets after US President Donald Trump announced the outline of an agreement with China to resolve a bitter trade dispute. However, Chicago prices came off highs as investors took a more cautious view on progress in the protracted negotiations between Washington and Beijing.

Euronext nonetheless continued to be underpinned by favourable export prospects in France. French port data showed a growing lineup of cargoes due to load wheat and barley, while physical premiums in the key export hub of Rouen were firm. "There's clearly export demand at the moment," a French trader said. "The market is also lacking sellers."

Weekly European Union data confirmed the trend towards higher EU exports this season. The bloc has exported 7.5 million tonnes of soft wheat since the start of the 2019/20 season in July, 48% above last season's level. Turkey's grain agency TMO launched tenders to buy 190,000 tonnes of milling wheat and 127,500 tonnes of durum wheat, all of European Union origin.

Copyright Reuters, 2019

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