Euronext wheat edged lower on Wednesday as Chicago futures fell after a day-earlier surge while European traders assessed signs of an easing in export demand after a flurry of overseas sales.
Front-month March milling wheat on the Paris-based Euronext exchange settled 0.25 euro, or 0.1%, lower at 195.75 euros ($211.23) a tonne.
The contract had reached a three-week high of 196.50 euros on Tuesday, as a rally in Chicago wheat added to recent support from brisk European exports.
Deferred delivery positions on Euronext were down by slightly more.
Weakness in the euro, which has been trading at near three-year lows against the dollar this week, continued to underpin European prices by maintaining their export competitiveness.
Recent export sales were keeping ports busy loading wheat cargoes in France and Germany, but traders said there were signs of a lull in fresh export demand.
"Demand for German wheat is slacker this week despite the large number of ships loading wheat in German ports," one German trader said.
"The major problem on the demand side is the fall in Russian wheat export prices," the trader said.
"The advantage from the fall in the euro has not been enough to compensate for the sharp drop in Russian prices."
In Hamburg, standard bread wheat with 12% protein for March delivery in Hamburg was offered for sale unchanged at 4.0 euros over the Paris March contract.
Buyers were offering up to 2.0 euros over Paris against 3.0 euros over on Tuesday.
Euronext data showed financial investors added to their long position in the exchange's wheat futures and options in the week to February 14.
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