Euronext Wheat Futures eased Monday, as brisk Black Sea Exports and Chicago weakness encouraged Paris prices from their three-week high.

The grain markets also consolidated as they awaited the widely anticipated U.S. government's crop forecasts, which are due later this week.

Euronext's December wheat was the most active position at 1603 GMT, and it fell 0.2% to 218.25 Euros ($240.97 per metric tons).

The contract moved away from the Friday peak of 222.50 euro, which marked a significant recovery from a low of 204.75 euro in late August.

The rebound had only gone so far. A futures dealer commented that there may be some profit-taking before the USDA report, which is due Thursday.

Chicago wheat prices fell due to a stronger dollar and a lower yield, but weekly U.S. inspections at the top end of expectations helped offset losses.

The dry weather in the Midwest of the United States, which had supported a similar recovery for corn, now created some pressure, as it could have accelerated the start work on harvest.

The large exports of Black Sea wheat, which is cheaper, have remained a drag on Paris and Chicago Futures.

The prices of Russian wheat were not much changed by the end of last week. IKAR reported that new-crop wheat with 12.5% protein, free-onboard (FOB), for October was $215 per ton. Sovecon also reported $218 to $221 per ton as the nearest delivery date for wheat with this protein content.

IKAR announced separately on Monday that it had reduced its forecasts of Russian wheat production this season and for exports.

Export data from Sovecon, however, highlighted a brisk activity in recent months. The consultancy estimated that Russian wheat exports were 5.7 million tonnes in August, up from 3.6 millions in July.

APK-Inform, a consultancy, said that it has raised its forecast for Ukrainian wheat exports in 2024/25, as the country has expanded exports during wartime through a shipping route along the western edge to the Black Sea.

According to LSEG, France's export activity remained low, despite the fact that it had its smallest crop of wheat since the 1980s, and milling quality was mixed. Barley loads for China still dominated grain shipments.

(source: Reuters)