EU wheat holds near low as firm euro keeps focus on export tussle

Benchmark wheat prices on Euronext held on Wednesday around a contract low as a further rise in the euro kept the focus on export competition amid abundant global supply. Chart support on Euronext and a strength in Chicago grains, as investors covered positions before Thursday’s U.S. Thanksgiving holiday, lent some support to the European market, traders said. March wheat (BL2H6), the most active contract on Paris-based Euronext, was unchanged on the day at 190.25 euros ($220.54) a metric ton by 1713 GMT. It held just above a contract low of 189.75 euros that it had equalled in each of the two previous sessions. The euro rose for a third session against the dollar, as investors continued to anticipate a U.S. interest rate cut next month,. A stronger euro makes western European grain more expensive in dollar-priced export markets. EU wheat is facing competition from traditional rivals like Russia in the Black Sea zone, as well as from big crops being harvested in Argentina and ...