Euronext wheat higher on Chicago bounce, export hopes

PARIS, Oct 14 (Reuters) - Euronext wheat edged up on Tuesday as Chicago futures bounced off a five-year low while competitive prices in Western Europe raised hopes of fresh export demand, traders said.

December wheat BL2Z5 on Euronext's futures market settled 0.8% up at 190.50 euros ($221.19) a metric ton as it moved away from a contract low of 185.00 euros at the start of the month.

December led gains on Euronext, with traders also citing adjustments by investment funds holding large short positions in the front-month position.

Chicago wheat Wv1 moved higher after earlier hitting a new five-year low. GRA/

Rising global supply and accelerating Russian shipments have curbed wheat markets, though recent lows on Euronext and a slide in the euro were generating cautious optimism about exports.

"Recent Euronext falls mean the EU is starting the week cheaper than the main Black Sea origins," one German trader said.

"This is positive for export prospects but there is only little demand in the market." GRA/TEND

The euro EUR= hit a new two-month low against the dollar before regaining ground. FRX/

Traders said Russian, Ukrainian and Romanian 11.5% protein wheat for November shipment was on Tuesday all quoted in a similar range of $226-$228 a ton FOB, about $2-$3 more expensive than French depending on Euronext and currency moves.

However, in the big Egyptian market lower shipment costs meant Russian 11.5% wheat was still around $1-$2 cheaper than French at around $248 a ton cost and freight included for November shipment.

Traders also noted that Argentine 11.5% protein wheat is currently the world's cheapest, before shipping costs, at just under $200 a ton free on board for November shipment.

Traders cited interest from private buyers in Algeria this week seeking about 30,000 tons of 11.5% protein Black Sea wheat at around $257-$258 a ton c&f for shipment in the second half of November.

European Union soft wheat exports so far in 2025/26 were down 23% year on year by October 12, partly reflecting incomplete figures for top EU producer France, European Commission data showed on Tuesday.

In France, the farm ministry reduced slightly its estimate of this year's soft wheat harvest to 33.2 million tons, still up 29% from last year's rain-hit crop.

($1 = 0.8613 euros)