Euronext wheat prices fell on Wednesday after hitting a four-week high, as traders adjusted positions ahead of key US crop data. December wheat contracts on Euronext dropped 1.3% to close at €244.25 ($273.41) per metric ton, after earlier peaking at €248.50, the highest since September 9. The decline was partially offset by technical support levels.
Meanwhile, Chicago wheat prices slipped over 2%, pulling back from a nearly two-week high as the US dollar strengthened. Recent volatility in grain markets had been fueled by concerns over Black Sea disruptions and uncertainty surrounding US harvest conditions. However, trading activity waned as market participants awaited the US Department of Agriculture's monthly World Agricultural Supply and Demand Estimates, set for release on Friday.
Analysts noted that growing expectations for Russian wheat exports via the Baltic Sea helped ease some worries about Black Sea trade constraints. This shift in outlook contributed to the recent pullback in wheat prices after earlier gains.