PARIS: Euronext wheat futures edged down on Friday to fresh contract lows as export competition from Black Sea supplies hung over the market and participants adjusted positions before widely followed US government crop estimates.
March milling wheat on Paris-based Euronext was down 0.5% at 217.25 euros ($238.30) a metric ton by 1636 GMT. It earlier set a new life-of-contract low at 216.75 euros, having given up gains made since a previous low of 217.25 euros at the start of the week.
Chicago wheat also edged down as investors awaited world crop forecasts and US grain stocks estimates from the US Department of Agriculture (USDA) later on Friday.
“Paris wheat futures fell to new contract lows under the weight of old-crop wheat supplies, despite concerns for 2024 production potential,” British merchant Frontier Agriculture said in a note. In France, export sentiment remained downbeat following a slow start to the campaign, traders said.
Senalia, which operates France’s biggest grain export terminal, said on Friday that its cereal export volumes were down by nearly a third year on year in the first half of 2023/24, though it expects a stronger rest of the season.
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