Source: Ukragroconsult (Ukraine)
Wheat futures on Euronext rose in line with Chicago prices on Tuesday as traders monitored drought risks to Russian planting and awaited U.S. crop and inflation data due later this week.
December wheat futures, the most active position on the Paris Euronext stock exchange, rose 0,9 percent to 220,00 Euro ($242,59) per Tonne.
Previously, the contract had risen to 222,00 euros, slightly below Friday's three-week high of 222,50 euros.
Participants adjusted their positions after grain prices hit multi-week highs last week and awaited the monthly crop report from the USDA on Thursday, the estimates for the Corn- and soybean harvest in the USA will follow.
Investors are also waiting for U.S. inflation data on Wednesday and the U.S. presidential debate on Tuesday for clues about interest rates and economic policy in general.
Uncertainty about the size of this year's summer crop in Russia and the drought that is hampering next year's sowing have supported the wheat market.
"The drought issue in Russia is likely driving prices, as is the drought and corn planting in Brazil," said a futures trader.
A late summer drought in the Black Sea region caused maize crops to wilt and raised concerns about winter sowing.
Export competition from cheaper Black Sea crude oil prices continued to weigh on the market.
Official data released on Tuesday show that European Union soft wheat exports for 2024/25 are 23 percent lower than last season's figures, although data for France and Bulgaria are incomplete.
Short-term September futures on Euronext (BL2U4) ended the last trading session at €188,75, down 2,7%, after previously reaching a contract low of €184,75.