EU wheat eases as export competition persists

PARIS, Oct 24 (Reuters): Euronext wheat fell on Thursday as a steadying euro and brisk shipments of Russian wheat weighed on export sentiment, tempering concern about Russian government intervention in wheat trade.
December wheat BL2Z4, the most active position on Paris-based Euronext, was down 1.1% at 221.25 euros ($238.93) a metric ton by 1530 GMT.
The contract earlier slipped to 220.75 euros, its lowest since Oct. 1 and slightly below previous three-week lows set this week, though it again held a chart floor at 220 euros, traders said.
Traders were also weighing up mixed crop conditions, with some rain relief in Russia and a drier turn in soggy French grain belts, but persistent concerns about planting setbacks.
"All-in-all, this remains a tough market to call," British merchant ADM Agriculture said in a note.
"The availability of Black Sea exports will be key to the direction of the market, although any drop in export supply could be covered by supplies from the Balkan and Baltic states, and soon to be available Southern Hemisphere crops."
Wheat traders continued to grapple with Russian government moves to regulate exports, including through reported minimum export prices and restrictions on which exporters can sell Russian grain.