Euronext wheat prices fell on Tuesday after consolidating a rally the previous day. Traders weighed weather and war risk to Black Sea supplies against signs that Russia, Ukraine and other exporters continue to dominate markets at lower prices.

The December wheat price on Paris' Euronext fell 0.7% to 218.75 Euros ($244.13) per metric ton.

Before turning down, the contract had extended Monday's gains and reached its highest level in nearly a week. It was 221.75 Euros.

Chicago wheat rose for a week before falling.

In recent days, the wheat markets have seen a surge in demand due to concerns about Russia's escalation of its war with Ukraine.

Prices were also impacted by weather concerns, as adverse weather conditions raised doubts about the size of Russia’s harvest and threatened winter wheat sowing both in Russia and Ukraine.

However, the price of Black Sea products remained limited by large exports.

"Germany and France do not compete in the export market at this time." "Russia alone exports over 1 million tonnes a week, which is enough for a significant part of the world demand", a German trader stated.

The trader stated that there were no large ships in Germany, and the only ones loading were smaller vessels bound for countries of the European Union or Britain.

Official data revealed that EU soft wheat exports in 2024/25 reached 5.86 millions tons, a 24% decrease from the previous year, although figures for France, Bulgaria and other countries were not complete.

Oilseed prices remained positive, supported by the drought in Brazil, and news about economic stimulus measures being taken in China, which is the world's largest soybean importer.

The November rapeseed price on Euronext closed 0.9% higher at 479.50 Euros per ton, after hitting its highest level in almost two months at 481.75 Euros.

(source: Reuters)