EU wheat steadies after slide with Black Sea exports in focus
Updates with close
PARIS, Oct 23 (Reuters) -Benchmark wheat futures on Euronext ended slightly higher on Wednesday, steadying after a three-day fall as Chicago rebounded while traders continued to assess the impact on Black Sea competition from Russian government intervention in wheat trade.
December wheat BL2Z4, the most active position on Paris-based Euronext, settled 0.1% up at 223.75 euros ($241.02) a metric ton.
It earlier slipped to 221.00 euros, its lowest since Oct. 1 and slightly below a previous three-week low on Tuesday.
However, it again held a chart floor at 220 euros while also drawing support from a weaker euro and a bounce in Chicago wheat Wv1. GRA/
Deferred positions on Euronext closed slightly lower.
"The market is seeking to find out whether the Russian minimum export prices of $245 and $250 a ton FOB for shipments in November and December will be obeyed or evaded," one German trader said.
"Most published price lists are holding at this level but realistic market levels are about $234-$238."
Russian wheat remained cheaper than western European supplies, while Ukrainian prices were lower, according to traders.
Wheat prices have been also curbed by easing weather concerns, with parched Black Sea, Argentine and U.S. wheat belts receiving some rain, while soggy fields in western Europe were set for a drier end to the month.
In Germany, repeated rain in past weeks has disrupted some winter wheat and rapeseed sowings but nationally the problem is not serious, a German analyst said.
"It's an annoyance and there are some noticeable areas which could not be sown with wheat yet," the analyst said.
"But nationally sowing is progressing reasonably well and there is still time to catch up. I think Germany could sow 2.8 million hectares of wheat this autumn."
This would be up from Germany's rain-reduced wheat area of 2.6 million hectares sown for this summer's crop.
Financial investors increased their net short position in Euronext wheat last week, data published by Euronext on Wednesday showed.
($1 = 0.9283 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Maju Samuel and Vijay Kishore
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