PARIS/BEIJING: US and European wheat futures extended losses on Thursday as weak chart signals and export competition from Black Sea and southern hemisphere suppliers weighed on prices.

Soybeans were firm, supported by a rebound in vegetable oil markets, while corn was little changed as traders continued to assess weather prospects for South American crops.

The most-active wheat contract on the Chicago Board of Trade was down 0.5% at $7.52 a bushel by 1322 GMT.

It earlier rose slightly before turning lower to trade near a seven-week low struck on Wednesday, when the contract shed almost 4%.

“For now it’s hard to predict if Chicago prices will hold this technical floor,” a European trader said.

Euronext March wheat also slipped further to touch a near two-month low at 272.75 euros ($309.35) a tonne, as a rise in the euro added to technical pressure.

Wheat futures have retreated since multi-year highs set last month as worries over the Omicron coronavirus variant and easing concerns about global wheat supply have encouraged selling.

A wheat tender held this week by Algeria exacerbated selling pressure as traders expect the importer to overlook French wheat and take supplies from Argentina and Ukraine.

A drier spell in Australia has also tempered fears over rain damage to what is forecast to be a record harvest.

Selling momentum has built up this week despite a string of other import tenders and reports that Russia is considering a smaller wheat export quota than previously planned.

CBOT soybeans were up 0.9% at $1274-1/4 a bushel, helped by strength in soyoil and palm oil.