PARIS: Euronext wheat futures fell to new contract lows on Wednesday as ample international supplies and sluggish activity on the French market dampened export prospects.
Benchmark December milling wheat on Paris-based Euronext settled down 0.50 euro at 169.75 euros ($188) a tonne.
It earlier touched a new life-of-contract low at 169.00 euros, below a previous low of 170.25 euros struck on Tuesday.
A new three-month low for Chicago wheat added to technical pressure on Paris futures.
Expectations of large global supplies have weighed on wheat markets, with tepid west European exports increasing pressure on Paris prices.
In France, where the harvest is widely expected to be the second-biggest volume on record, traders were growing concerned that export prospects were faltering despite less competition than usual from Russia.
"I sense we are getting backed into a corner," a French broker said. "Ukraine is doing Russia's work in export markets."
Brokers again cited a lack of selling by producers at current levels as adding to the summer holiday lull on the physical market.
Traders were also awaiting final results from an international tender held by Tunisia on Wednesday for a fresh gauge of export competition.
An estimated 89% of this year's French soft wheat crop was showing protein content of 11% or above, partial results from annual quality showed on Wednesday.
The findings published by farming agency FranceAgriMer were in keeping with initial indications that most of the 2019 crop would meet the 11% minimum protein required by millers but would be below strong protein levels seen last year.
Non-commercial market participants increased their net short position in Euronext's milling wheat futures and options in the week to Aug. 16, data published by Euronext on Wednesday showed.
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