Euronext wheat rebounds 1.4% to €236.50 as euro drops

PARIS, Sept 29 (Reuters) — Euronext wheat rebounded on Tuesday from a six-week low, helped by a drop in the euro, as participants adjusted positions before widely followed US grain stocks data. Continuing attacks in Russia's war with Ukraine, as well as a lack of visible progress in diplomatic efforts to achieve a truce for Black Sea shipping, also underpinned prices, traders said. 05) a metric ton by 1615 GMT. 50, its lowest since August 13 and slightly below a previous six-week low from Monday.

The euro fell to a three-month low against the dollar, making European grains more attractive overseas. FRX/ Chicago wheat steadied after also hitting a six-week low, though the dollar's strength weighed on the US market. GRA/ Hopes of de-escalation in the Black Sea region, disappointment with the outcome of a US-China summit and signs that the wheat market was adjusting to disrupted Russian and Ukrainian exports had weighed on prices in the past week. Grain markets were turning their attention to quarterly US stocks data, to be published on Wednesday by the US Department of Agriculture.

"It looks like a technical move, linked to the stocks report tomorrow," a futures broker said. There was also renewed concern about stalled Black Sea exports, with poor weather exacerbating congestion in the Danube river that has become an alternative route for Ukrainian grain shipments. The European Union does not plan to renegotiate export quotas with Ukraine, a European Commission spokesperson said on Tuesday, rebuffing Kyiv's request for additional trade access as Russian strikes strain its economy. 81 million metric tons, stable year-on-year, though figures remained incomplete for several countries.

com)