EU wheat ends higher, posts second weekly loss

PARIS, Oct 30 (Reuters) - European wheat rose for a second consecutive session on Friday but lost 2.5% on the week, after hitting a three-month low on Wednesday on prospects of higher Russian wheat supplies.

Benchmark December milling wheat on Paris-based Euronext, ended 0.3% higher at €227.75 ($255) a metric ton.

Chicago wheat was also 0.3% higher, supported by strong demand for US grain and reports that China could buy from the United States.

"The wheat move is encouraging, but it remains to be seen whether one strong sales week and a Chinese inquiry are enough to call a bottom," CM Navigator analysts said.

"Russian export flows are rebuilding through alternative routes, while Argentine new-crop wheat is getting cheaper," they added.

Traders have also been keeping a close eye on both geopolitical tensions and investor positioning ahead of next week's US mid-term elections, said market analysts.

In its latest monthly estimates the European Commission on Friday lowered its 2026/27 EU maize production forecast to 47.0 million metric tons, from 48.3 million in September.

It also cut its soft wheat output estimate to 123.7 million tons, from 124.2 million seen in September and reduced its ending stock projection to 10.6 million tons, from 11.4 million.

Its projection of 2026/27 EU soft wheat exports was left unchanged at 29.0 million tons.