PARIS (Reuters) – Wheat fell on the Euronext market on Monday, giving back some of its gains ahead of the weekend, when a holiday in the United States and parts of Europe left the market in jeopardy.
* September wheat, Euronext’s most active contract in Paris, fell 1.1% to 225.75 euros ($248.51) a tonne.
* On Friday, the contract was up 2.7%, backed by weather risks in the United States, to move away from last week’s 22-month low.
* Volume was thin on Euronext due to US market closures and holidays in parts of Europe.
* Grain markets are watching for hot, dry weather in the northern part of Europe, along with drought in the eastern US corn belt. Drought conditions are forecast to continue this week before chances of rain increase next week.
* The Russian foreign minister reiterated Moscow’s view on Monday that the Black Sea Corridor deal, which allows for wartime grain shipments from Ukraine, will not go beyond July if obstacles are not resolved.
* Although large near-term supplies from the Black Sea region, including Russia, eased war concerns in the wheat market, traders say a flare-up in conflict could alter supply prospects.
* The Ukrainian military, preparing to retaliate against Russian forces, said the attack on the port of Odessa caused fires and damaged infrastructure, but did not specify whether grain exports were at risk.
(1 dollar = 0.9084 euro)
(Reporting by Gus Trompiz; Editing in Spanish by Javier López de Lerida)