Euronext Wheat fell Monday to a five-month new low, as the gains in the dollar against the euro highlighted the export struggles of western European wheat in comparison with cheaper Black Sea wheat.

The poor harvests in France, Germany and other countries were once again overshadowed by the weak export prospects.

December wheat, which was the most actively traded position on Paris' Euronext exchange, closed 1.3% lower at 216.00 Euros ($239.09 per metric ton).

The contract dropped earlier to 215.50 euro, its lowest level since March 20, and slightly below the previous five-month high from late last weekend, although it found chart support between 215-216 euro.

The front-month September futures closed 1.3% lower at 202.50 euro, nearing last week's five month low of 201.00 euro but holding the 200-euro chart floor.

The dollar was further depressed by the expectation of U.S. rate cuts.

The euro could continue to rise depending on Powell's Friday speech, a futures trader said. Powell is the U.S. Federal Reserve chair and his address this week has been a focal point for the financial markets.

Analysts expect new crop supplies to further exert downward pressure.

Egypt's failure last week to obtain the volume of imports it sought through an unprecedented tender has dampened demand sentiment.

Traders claim that Egypt's GASC, the state buyer, held direct discussions with suppliers without concluding any deals. Egyptian officials stated on Monday that they still aim to achieve a goal of 3.8 millions metric tons imported wheat by 2024.

The sparse export loads of wheat in France this month has raised concerns that the demand could be lagged, despite a harvest which is expected to produce the lowest volume since 1980, largely due to rain.

Port data compiled and analyzed by LSEG revealed that only one wheat cargo is due to be loaded in France, a small shipment for Portugal, while barley exports to China continue to dominate the early season grain export activity.

(source: Reuters)