Chicago Board of Trade wheat futures edged lower on Wednesday, giving back modest gains late in the session in sympathy with steep losses in Paris wheat futures, traders said. Wheat traded higher for much of the day in a short-covering rally and rebound from the nearly decade-lows from earlier this month.
But Euronext wheat in Paris sank almost 2 percent, eroding any potential price advantage US wheat may have been building in global markets. K.C. wheat futures were roughly unchanged while MGEX spring wheat was slightly higher. France is set to import an unusually large volume of Romanian wheat next month, a deal linked to a spike in French prices amid growing fears of a poor harvest in the European Union's biggest wheat exporter, traders said. Russia is expected to harvest 69 million tonnes of wheat in 2016, agriculture consultancy IKAR said, raising its earlier crop estimate by 1 million tonnes.