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Markets

Euronext wheat at one-month low as Russian harvest weighs

  • Front-month September milling wheat on Paris-based Euronext, settled down 0.50 euro, or 0.3%, at 179.75 euros ($211.55) a tonne.
  • The more active December contract also struck a one-month low at 179.50 euros, before settling 0.3% lower at 180.25 euros.
04 Aug, 2020

PARIS: European wheat futures fell to a one-month low on Tuesday as increasing expectations for Russia's harvest countered support from a disappointing crop and slow farmer selling in France.

Front-month September milling wheat on Paris-based Euronext, settled down 0.50 euro, or 0.3%, at 179.75 euros ($211.55) a tonne.

It earlier fell to 179.25 euros, its lowest since June 30, adding to steeper losses on Monday.

The more active December contract also struck a one-month low at 179.50 euros, before settling 0.3% lower at 180.25 euros.

Paris prices were again pressured by falling Chicago futures , as traders factored in an increased forecast of Russia's wheat harvest by widely followed consultancy IKAR.

Chart support around 180 euros and reduced harvest supply in France were underpinning Euronext, however, traders said.

The smaller French crop coupled with recent strength in the euro has curbed early season exports. Preliminary Refinitiv loading data showed France shipped its smallest volume of soft wheat outside the European Union for July in at least a decade.

Traders in Germany cited demand from French exporters for German wheat.

"The main export business in past days has been sales to French traders seeking wheat of at least 11% protein meeting Algeria's import specifications," one German trader said.

"French trading houses have bought German wheat for September/October delivery at level or one euro under the Euronext December contract, apparently as a guarantee of deliveries in Algerian purchases because of the expected smaller size of France's harvest."

Drier weather forecast this week in Germany is expected to enable wheat harvesting to gather pace after rain delays.

However, as in France, a lower than expected official forecast has put a question mark over the harvest.

Germany's 2020 wheat crop could fall about 12% to 20.23 million tonnes, the statistics office said on Tuesday, noting farmers planted less wheat than previously thought.

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