Euronext wheat rose on Wednesday in step with Chicago futures to recover from a two-week low, though the price gains were curbed by expectations of bumper harvests in the Black Sea export region, traders said.
September wheat EURONEXT:EBM1! on Paris-based Euronext settled 0.5% up at €203 ($231.12) a metric ton. It recovered from Tuesday's low of €200.25 but lacked impetus to fill a chart gap between €205.50 and €205.75.
Chicago wheat CBOT:ZW1! rose more sharply, spurred by a bigger-than-expected cut to a U.S. wheat area estimate in U.S. Department of Agriculture acreage data on Tuesday.
Slow farmer selling and doubts over yield losses caused by a record heatwave in France last week also underpinned Euronext wheat.
But French wheat is expected to be less affected than maize, while high volumes in the Black Sea zone are likely to offset losses in France, according to traders.
November maize EURONEXT:EMA1! on Euronext settled 0.3% up at €226.25 a ton, holding close to a contract high at €228.
After weekend storms that broke the heatwave and brought showers in some areas, very limited rainfall was forecast in France for the coming two weeks, which could increase stress on maize and other spring-sown crops, traders said.
Intense heat has moved eastwards across Europe since the end of last week, though it was not expected to last long enough to pose a serious threat to crops.
Financial investors cut their net short position in Euronext wheat last week, data on Wednesday showed.
($1 = 0.8783 euros)