September wheat , the most active contract on Paris-based Euronext, settled 0.1% down at 232.00 euros ($255.39) a tonne. Chicago grain futures were pressured by a stronger dollar and tepid exports, though a corresponding fall in the euro lent some support to Euronext. Ukraine, Russia, Turkey and the United Nations discussed on Thursday U.N. proposals to extend a Black Sea deal allowing safe maritime export of Ukrainian grain, which Moscow has threatened to quit on May 18. The meeting appeared to end without agreement but with plans to pursue talks. "Some importers have taken a break until a decision is made on the Black Sea export channel. But I think the market is generally expecting an extension," one German trader said. A large purchase by Algeria underscored ample supply in the Black Sea region, despite the risks to Ukrainian shipments. Algeria is believed to have bought 600,000 to 720,000 tonnes of milling wheat in a tender on Wednesday, with Russian, Romanian and Bulgarian supplies seen well-placed to fill at least part of the order, according to traders. "There a general view that Russian wheat was the cheapest in the Algerian tender purchase on Wednesday, which is again a bearish reminder of the heavy competition we face in export markers," the trader said. French-based consultancy Strategie Grains raised its monthly forecast of this year's European Union soft wheat harvest by just over 1 million tonnes to 130 million, citing generally favourable crop conditions except in drought-hit Spain. In the rapeseed market, August futures on Euronext fell 2.5% to 425.00 euros a tonne, approaching Tuesday's life-of-contract low as weakness in crude oil weighed. ($1 = 0.9084 euros) (Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Paul Simao)
Messaging: gus.trompiz.thomsonreuters.com@reuters.net)) PARIS, May 11 (Reuters) - Euronext wheat closed little
changed on Thursday near a one-week low, with traders digesting
results from an Algerian import tender and inconclusive talks to
maintain a wartime export corridor from Ukraine.
Grain markets were also looking ahead to world crop
forecasts on Friday from the U.S. Department of Agriculture in
which the USDA will give initial projections for 2023/24.
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