Euronext wheat steadies after slide

PARIS, Dec 18 (Reuters) - Euronext wheat edged up on Thursday to recover from contract lows, with a recent price slide leaving the market technically oversold while boosting the export competitiveness of European wheat, traders said.

March wheat BL2H6, the most active contract on Paris-based Euronext, settled 0.4% up at 186.00 euros ($217.97) a metric ton, after setting a contract low at 185.00 euros on Wednesday.

Chicago wheat Wv1 also regained ground after an eight-week low. GRA/

An easing in the euro EUR= against the dollar after a lower-than-anticipated U.S. inflation reading reinforced the competitiveness of western European wheat. FRX/

“West EU wheat is looking pretty price-competitive compared to the Black Sea after recent Euronext falls,” one German trader said.

“If the euro plays ball we could see some new export sales.”

Several shipments of German 12.5% protein wheat were sold to west/southern African buyers this week for shipment early in 2026, with attractive ocean shipping costs from west Europe against the Black Sea region assisting sales, the trader added.

Supply pressure from an expected record Argentine harvest was tempered by expectations that rain damage to crops would lead Argentina to ship more wheat as feed to Asia, and compete less in milling wheat markets in Africa.

However, abundant global supply, including in top exporter Russia, was still hanging over the wheat market.

"While oversold conditions and heavy fund shorts may trigger technical rebounds, sustained upside likely requires a material weather shock, sharper (foreign exchange) realignment or a clear demand surprise," British merchant ADM Agriculture said in a note.

Barley exports in western Europe remained brisk.

In Germany, traders said seven ships have loaded around 280,000 tons of barley so far in December, against around 90,000 tons of wheat.

German barley shipments included two totalling 120,000 tons for Saudi Arabia, one of 30,000 tons for Algeria and one of 46,000 tons for Iraq, traders said.

In France, three vessels loaded a total of 115,000 tons of feed barley for Saudi Arabia at Rouen in the past week, according to figures published by the port.

The vessels are due to complete loading at other French ports to add about another 60,000 tons, LSEG data showed. GRAIN/SHP/FR

($1 = 0.8533 euros)