Euronext wheat prices rose on Thursday, supported by a weaker euro and position adjustments ahead of key U.S. crop forecasts. December wheat on Euronext climbed 0.4% to €245.25 ($274.43) per metric ton by 1600 GMT, recovering from a near one-week low as traders filled a chart gap.
The euro's weakness near a 17-month low against the dollar boosted the export competitiveness of Western European grain. This followed a stabilization in Chicago wheat, as investors prepared for the U.S. Department of Agriculture's monthly World Agricultural Supply and Demand Estimates report, due on Friday.
Market participants are closely watching the USDA report for potential revisions to U.S. corn and soybean harvest forecasts, along with updates on global wheat supply figures. Concerns about Black Sea trade disruptions have eased slightly, with indications of increased Russian exports through alternative Baltic Sea routes.