PARIS: Euronext wheat was little changed in a short pre-Christmas session on Friday, consolidating after a rally on global supply concerns fuelled by adverse weather and potential export curbs.

March wheat, the most active contract on Paris-based Euronext, settled down 0.50 euro, or 0.2%, at 290.25 euros ($328.53) a tonne.

The contract had eased back from Thursday’s two-week high of 293.25 euros but held the 290 euro chart level and showed a 4.2% gain for the week.

Volumes were extremely light in the reduced session that ended at 1300 GMT. A Christmas closure on US markets added to the holiday lull.

Harsh weather in part of the US winter wheat belt and parched conditions in some corn and soybean growing regions in South America have stirred grain markets this week.

The wheat market has also been assessing the chances of Ukraine limiting exports. Sources told Reuters this week the government was considering a cap for the first half of 2022, a scenario seen as unwarranted by the country’s grain trade. Ukraine’s Prime Minister Denys Shmygal said on Friday the government would prepare measures to support domestic food producers amid a jump in gas prices.

Russia is already planning an export quota from mid-February and any Ukrainian restrictions could push extra demand towards European Union suppliers at a time of brisk importer activity.

In rapeseed, February futures set another record high for Euronext at 760.00 euros a tonne, before easing back to settle down 0.7% at 751.75 euros.

Very tight old-crop supply in Europe has kept nearby prices firm, with a rally in other oilseed markets also lending support.