Euronext Wheat rose on Friday. This was supported by the rebound of?Chicago Futures and continued war disruptions to Black Sea grain exports.

The December wheat price on Euronext rose 1.6% to EUR232 ($268.22). It recorded a weekly gain of?1.8% after recovering from the three-week low reached on Wednesday.

Chicago wheat prices rose as much as 2 percent on Friday, after recovering from their four-week low. Chicago wheat prices were supported by a fall in the dollar after the U.S. economy unexpectedly lost jobs in July, as well as positioning ahead of U.S. Department of Agriculture's crop forecasts scheduled for next week. Traders have been weighing the disruption of shipments coming from Russia and Ukraine versus a large global supply?and slow demand by importers. The governor of Ukraine’s Odesa Region claimed that a Russian attack damaged a foreign-flagged wheat ship. On Friday, traders said there were more unconfirmed reports of drone attacks in Russia’s Black Sea Port of Novorossiysk which may have damaged ships.

In a recent note, British merchant Frontier Agriculture stated that "the market is finely balanced".

High EU wheat prices are reducing demand from buyers in North Africa and the Middle East, who also receive their own harvests.

LSEG data revealed that grain exports in France were dominated by large barley shipments destined for China. Wheat exports were limited to'smaller cargoes' to a?West African market and intra-European markets. France's Agriculture Ministry lowered its estimate for this year's soft-wheat?crop to?31.9million tons from 100,000 tons last month, confirming that heatwaves had a moderate effect on wheat. The ministry predicted a 35% decrease in grain maize production from the previous?year, to the lowest level since at least 1980. However, at 9 million tonnes, its forecast was well above analyst expectations of the weather-ravaged crops.

(source: Reuters)