European wheat prices eased on Wednesday as prospects of ample global supplies continued to weigh on the market, traders said. March milling wheat, the most active position on Paris-based Euronext, was down 0.15 percent by 1655 GMT at 162.75 euros a tonne.
The contract had fallen to 161.75 euros on Monday, a low since July 5 and not far from the contract low of 161.00 euros a tonne hit that same day. CME Group's December EU wheat contract was 1 percent higher. The exchange said on Wednesday a first delivery under its new EU wheat contract, for 40 lots or 2,000 tonnes, was under registration in a Soufflet warehouse in Mouy-sur-Seine, south-east of Paris.
Prices were still pressured by a series of forecasts pointing to ample global supplies, including a 15 percent jump in the Canadian wheat crop and a record crop in Australia. "The futures market remains desperately slack while premiums on the physical market remain firm due to a lack of sellers," a trader said. "After the confirmation in recent days of the important harvests of Australia and Canada, we are waiting for the figures for Argentina and the availabilities of the Black Sea are far from exhausted."
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