EU wheat steadies ahead of USDA data 

By Reuters News

- Euronext wheat was little changed on Wednesday, steadying after rebounding from a six-week low, while traders awaited US grain stocks estimates for further direction.

Continuing attacks in Russia's war with Ukraine, as well as a lack of progress in diplomatic efforts to achieve a truce for Black Sea shipping, underpinned prices, traders said.

Benchmark December milling wheat on Paris-based Euronext was unchanged on the day at €236.25 ($268.05) a metric ton by 1455 GMT.

The contract earlier rose to €239.25, its highest in almost a week, as it extended a bounce from Tuesday's six-week low of €231.50.

"The market is struggling to climb further with people being cautious before the USDA report," a futures broker said.

Grain markets are focusing on quarterly US stocks data, to be published later on Wednesday by the US Department of Agriculture, as a supply indicator for one of the world's biggest producers and exporters.

Over September, Euronext December futures were down about 3.5%, after prices retreated from a contract high of €259.25 at the start of the month.

Hopes of de-escalation in the Black Sea region have weighed on prices, though the absence of a diplomatic breakthrough helped prices bottom out this week.

Chicago wheat edged down after also rebounding from a six-week low on Tuesday. GRA/

In export news, Pakistan booked 180,000 tons of wheat in a tender, according to traders, with the results confirming lower prices compared with a previous Pakistani tender earlier this month.

In France, a vessel is due to call at Dunkirk later this week to load wheat for Yemen, LSEG data showed. This follows the first French wheat shipment for Yemen in four years last week.

Widespread rain in France on Wednesday, including storm showers in the south, was set to alleviate recent drought, though dry weather was set to return in northern plains for the rest of the week.

The European Commission on Tuesday kept unchanged its estimate of this season's European Union soft wheat production and exports, with its main revision to cereal supply and demand concerning the weather-hit EU maize harvest.

Prices at 1455 GMT

Last

Change

Pct Move

Paris wheat

236.25

0.00

0.00

Paris maize

265.75

-0.50

-0.19

Paris rapeseed

536.50

-7.75

-1.42

CBOT wheat

688.75

-4.00

-0.58

CBOT corn

523.25

1.25

0.24

CBOT soy

1305.50

7.75

0.60

WTI crude oil

91.35

1.97

2.20

Euro/dollar

1.14

0.00

0.11

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton

($1 = 0.8814 euros)

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