Euronext Wheat's fall to a 2-week low continued on Thursday as Black Sea exports continue to pressurize prices. However, global weather concerns are tempered by the rain forecast in Brazil and the U.S.

The December wheat price on Paris' Euronext fell 1.5% to 215.25 Euros ($239.83) per metric ton at 1547 GMT. This is a fourth consecutive daily decline, and a further drop from the one-month high of 228.00 Euros last Friday.

The contract had previously reached its lowest level since September 3 at 214.75 Euros.

Chicago wheat prices also declined, impacted by lower than anticipated weekly U.S. wheat exports as well as rain that was partly forecast in U.S. wheat zones.

The results reported by traders at a Tunisia tender on Thursday indicated that the 125,000 tonnes booked were sourced in the Black Sea Region.

The gap between western European and Russian export prices has widened as a result of a recent rally on wheat futures.

In a recent note, British merchant Frontier Agriculture stated that "in general, Russian export prices and Ukrainian export rates remain at their lowest levels and the continued rapid export pace of both countries is continuing to negatively impact on the market."

Brisk Black Sea Exports has countered fears about war escalated risks and adverse weather conditions in the region.

The abundance of international supplies has distracted attention from the rain-damaged harvest in Western Europe. This includes the smallest French production since the 1980s.

FranceAgriMer, the farm office of France, has sharply cut its forecasts for French soft-wheat exports to 2024/25. The current estimate is 61% lower than last year.

Data from Rouen's port revealed on Thursday that the only shipment of soft wheat in the last week was a small vessel with 7,000 tons. Reporting by Gus Trompiz, Editing by Conor Humphries. $1 = 0.8975 euro

(source: Reuters)