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Euronext wheat slips to two-month low, following Chicago's lead

·2 min read

PARIS, Jan 6 (Reuters) - Euronext wheat fell to its lowest level in more than two months on Thursday, pressured by weakness in both Chicago grain futures and wider financial markets.

Large southern hemisphere wheat harvests as well as limited activity in top exporter Russia due to new year holidays were encouraging futures to ease, traders said.

March milling wheat on Paris-based Euronext settled down 3.00 euros, or 1.1%, at 273.00 euros ($308.44) a tonne.

The contract earlier slipped to its lowest since Oct. 21 at 271.75 euros, but as it did earlier this week found chart support at around 272-273 euros.

Chicago wheat fell more sharply, with a firm dollar and weak holiday exports adding to pressure after a rally in corn and soybeans stalled.

Grain markets were also curbed by investor concerns after the Federal Reserve signalled the possibility of faster-than-expected U.S. rate hikes and stimulus withdrawal.

Dry conditions in southern Brazil and Argentina remained a focus for corn and soybean markets, with traders watching to see if forecasts of easing heat and increased rainfall in Argentina around mid-January would be confirmed.

On the French market, there was more talk of demand for competitively priced French wheat in Morocco, on top of a vessel currently loading in Rouen.

Traders also cited ongoing purchase interest in feed wheat and barley to cover recent export sales to China.

Wheat market participants were also monitoring unrest in Kazakhstan, a major flour exporter.

In rapeseed, February futures on Euronext settled 1.2% lower at 796.75 euros a tonne, after surpassing the 800-euro mark for the time on Wednesday when it set a new all-time high for Euronext at 808.50 euros.

Rapeseed tracked a wider consolidation in oilseed markets on Thursday, but remained well supported by very tight old-crop rapeseed supply in Europe, traders said. ($1 = 0.8851 euros) (Reporting by Gus Trompiz in Paris; Editing by Alexander Smith)