PARIS: Paris wheat futures rose on Friday as brisk export demand helped prices hold chart support after a slide to a two-month low.

Euronext March wheat settled up 2.50 euros, or 0.9%, at 278.50 euros ($313.76) a tonne, as it rebounded from Thursday’s low of 272.75 euros.

Chicago wheat also edged higher as it moved away from a near two-month low earlier this week.

Euronext has retreated from record highs touched last month as worries over the Omicron coronavirus variant and easing concerns about global wheat supply have encouraged selling.

However, importer activity spurred by the price pullback and harsh weather in the US Plains provided support at the end of the week, traders said.

Traders reported further sales of French feed wheat and barley to China in the past week, boosting export sentiment after signs that Algeria was continuing to overlook French supplies in its tenders.

“Everyone has been looking for feed wheat this week,” a French trader said.

German wheat premiums in Hamburg continued their strong trend on brisk export demand. Standard 12% protein wheat for January onwards delivery in Hamburg was offered for sale at around 12 euros over Euronext March, compared with 10 euros over on Thursday and 8 euros at the start of the week.

Purchase interest on Friday was seen at around 10 euros over.

“Port lineups include ships loading 65,000 tonnes of German wheat for Saudi Arabia and 20,000 tonnes for Algeria,” one German trader said.

Activity was expected to ebb with the Christmas and New Year holiday period, but a tender being held by Turkey next week could bring fresh demand, with prospects for European Union wheat bolstered by a rising Russian export tax.

In oilseeds, February rapeseed set another record for Euronext at 730.00 euros a tonne, before settling up 0.9% at 729.00 euros.

Strength in other oilseed markets this week have lent further support to front-month futures amid tight old-crop rapeseed supply in Europe, traders said.