The benchmark contract remained underpinned by major chart support at 165 euros, dealers said. Volumes were light, partly reflecting the absence of some French market participants who were attending a grain industry gathering in eastern France. The Euronext market shrugged off a fall in Chicago prices, which was seen as offsetting a rebound in the US market since Tuesday. Attention in Europe was focused on a purchase tender being held by Saudi Arabia's state grain buyer SAGO for 595,000 tonnes of wheat, the first from Saudi Arabia to allow wheat offers from the Black Sea region. Tender results are expected on Monday.
The opening up of the Saudi market to Black Sea origins has caused concern in Germany that it could reduce German sales in its largest export market. "We are still hoping that Germany and other Baltic Sea supplies will be successful despite the possible new competition," one German trader said.