Euronext wheat rises as Russian supply assessed
PARIS, Oct 10 (Reuters) -European wheat futures rose on Thursday as traders debated possible export curbs by Russia, though prices pared earlier gains after Moscow made a relatively small cut to its harvest estimate following adverse weather.
December wheat BL2Z4 on Paris-based Euronext settled 1.1% higher at 231.25 euros ($252.18) a metric ton.
News that Russia's agriculture ministry has called grain exporters to a meeting on Friday, according to sources, fanned speculation that Moscow will curb exports after heavy flows so far this season.
"Tomorrow's meeting to discuss Russian exports could be a major game-changer," British merchant ADM Agriculture said in a note. "Any restriction will lend support to the market."
Hefty Russian shipments in recent months have kept a lid on international prices. But with drought hampering sowing for next year's Russian harvest, there has been growing talk of potential export curbs to protect domestic supplies.
“Markets will be watching for signs the Russian authorities give warnings to exporters that shipments should be slowed or face actions such as tougher minimum export prices and quotas or refusal to provide phytosanitary (food safety) certificates,” one German trader said.
A wave of Russian attacks in recent days on Ukraine's ports, which sources say have pushed up shipping insurance costs, have also created concern about renewed risks to crucial Black Sea grain trade.
However, worries about Russian supply were tempered by an updated harvest estimate on Thursday, in which Deputy Prime Minister Dmitry Patrushev said the government now expected 83 million tons of wheat to be produced in 2024, down only moderately from 84 million forecast previously.
Traders had anticipated a larger revision after severe weather, including torrential rain, led several Russian regions to declare emergencies for farming.
The market was also monitoring wet weather in western Europe that has slowed wheat planting and maize harvesting.
Concern was focused on France, where a storm brought localised flooding since Wednesday, though in Germany conditions were seen as less worrying for field work.
($1 = 0.9170 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg, editing by Nick Zieminski
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