PARIS- Euronext wheat edged lower on Wednesday, pressured by weakness in Chicago prices and worries over slow export demand in Western Europe, traders said.
May futures the most-active contract on Euronext’s milling wheat market, were down 0.8 percent at 238.25 euros ($248.52) a metric ton.
Front-month March wheat was down 0.3 percent at 229.00 euros a ton after touching a three-week low at 227.75 euros.
Chicago wheat eased in US trading, curbed by a firmer dollar and expectations that snow cover may limit damage to wheat crops from a cold spell.
In Europe, traders said support from a weaker euro and ebbing supply in Russia were countered by sluggish exports.
“Russia is not the only competitor to the west EU and the other Black Sea exporters like Romania and Bulgaria are looking very cheap,” one German trader said.
“If there is a peace agreement in Ukraine, this could also greatly increase Russian and Ukrainian export volumes, so the overall export outlook is still pretty bleak for the west EU.”
After low European Union exports so far this season, demand prospects were seen as limited after a large purchase by Saudi Arabia on Monday was expected to be supplied from outside Western Europe.
