PARIS: Euronext wheat futures rose on Wednesday as signs of renewed demand from Morocco added impetus to a technical recovery from two-year lows, traders said.

March wheat, the most active contract on Paris-based Euronext, was up 1.5% at 226.00 euros ($248.01) per metric ton by 1558 GMT, moving away from Tuesday’s low of 221.25 that was the weakest for the contract since early February 2022.

Chicago wheat also climbed as it recovered from contract lows earlier this week. In Morocco, the authorities have decided to extend a subsidised wheat import programme, which currently runs to end-December, for the January-April period.

Traders also cited talk that Moroccan importers have booked between 120,000 and 150,000 tons of French wheat for nearby shipment in December, attracted by this week’s low prices.