PARIS: European wheat futures extended a fall on Friday to a new low for the week as export competition from Black Sea supplies weighed on the market, while traders awaited US government crop forecasts. September wheat on Paris-based Euronext was down 1% at 235.25 euros ($258.14) a metric ton by 1452 GMT, after earlier reaching its lowest since Aug 3 at 233.25 euros.
Chicago wheat was little changed as grain markets braced for US government forecasts later on Friday for a gauge of US harvest prospects.
After the escalation of tensions in the Black Sea in the past week, the wheat market has turned its focus back to ongoing export competition from Russian supplies. “After the enormous worry earlier this week about attacks on shipping and grain ports in Ukraine and Russia, both sides in the war continue to leave grain installations and merchant shipping alone, which is calming the markets,” one German trader said.
“Today’s Black Sea export price lists again shows Russian wheat is by far the cheapest, at least $10 below Romanian in the 11.5% protein sector and around $18 under France, but with the price lead smaller for 12.% protein.”
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