Paris wheat hits contract low on large supplies, export uncertainty

HAMBURG/PARIS: Euronext wheat fell on Monday to set new contract lows, pressured by uncertain export prospects and ample global supplies across the grain complex.

A lack of new demand, with few export tenders issued, also weakened. March wheat on the Paris-based Euronext exchange fell 0.1% to 214.50 euros ($231.55) a metric ton at 1601 GMT.

It earlier fell to 213.00 euros, a life-of-contract low and a weakest front-month price since Dec. 7, though it later trimmed losses with support from a drop in the euro.

Chicago wheat also fell on poor export prospects plus losses in corn and soybeans. “The market is heavy from corn to soybeans,” a European futures dealer said.

In wheat exports, a busy January loading programme in France was partly compensating for a slow first half of the country’s export season and traders said falling French prices could help secure more demand from Morocco and West Africa.