Benchmark European wheat futures were little changed on Monday as traders made technical adjustments amid a lull on the French cash market and with some grain firms already winding down before the year-end holiday period. Euronext futures faced some pressure from a rebound in the euro, which recovered from an earlier 21-month low against the dollar following a referendum defeat for Italy's Matteo Renzi that prompted the head of government to resign.
March milling wheat, the most active position on Paris-based Euronext, was down 0.50 euro or 0.3 percent at 164.25 euros a tonne. The contract was consolidating above a near two-month low of 163.75 euros hit last Thursday. "There are a few adjustments being made but not much else to be honest," one French broker said. "The market is already getting into pre-holiday mode." Euronext was underpinned by a bounce in Chicago wheat, which continued a rebound from contract lows last week.