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Euronext wheat edged up on Thursday to a 10-day high, supported by a weaker euro as traders assessed U.S. crop weather and Black Sea export supply.
December wheat, the most active position on Paris-based Euronext, settled 0.3% higher at 244.00 euros ($264.11) a metric ton, after earlier reaching its highest since Aug. 14 at 245.00 euros.
Front-month September rose more sharply, ending 1.2% higher amid short-covering as pre-expiry position limits were due to take effect.
A fall in the euro against the dollar lent support, helping maintain a recent improvement in the export competitiveness of European Union wheat.
Chicago wheat fell to give back some of Wednesday's gains, pressured by a firm dollar and weakness in corn.
Hot, dry weather in U.S. crop belts, along with dryness in Canada, Argentina and Australia, have fuelled supply concerns, though latest U.S. forecasts showing easing heat and rain next week in the Midwest tempered worries.
Another Russian attack on a Ukrainian grain port on Wednesday kept attention on war disruption to Black Sea trade, but Russian wheat exports remained active.
Consultancy Agritel on Thursday forecast Russian wheat exports at a record 49 million metric tons in 2023/24.
Although its exports are curbed by Russia's invasion, Ukraine's farmers have gathered 21.94 million metric tons of wheat, up from 20.7 million last year, agriculture ministry data showed on Thursday.
Traders again noted sales offers of Russian wheat well below the $270 a ton FOB level rumoured to be Russia’s unofficial minimum October shipment export price in international tenders.
“Smaller shipments of 12.5% protein Black Sea Russian wheat were offered today at between $245 and $250 a ton FOB for September/October shipment,” a German trader said.
Agritel forecast that French soft wheat exports outside the EU would fall this season, but stronger intra-EU demand led by drought-hit Spain would boost overall French shipments.
With rain expected to affect quality in Germany's harvest, traders there also expect more feed wheat sales within the EU.
Traders said a ship is set to load 30,000 tonnes of wheat for Spain in Hamburg in coming days. ($1 = 0.9239 euros) (Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Kirsten Donovan)