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Markets

Paris wheat eases back below 200 euros as rally stalls

  • December milling wheat, the most active contract on Paris-based Euronext, was down 1.50 euros, or 8%.
  • It earlier rose to 202.25 euros, matching Wednesday's life-of-contract high that was also a near five-month peak for a spot price.
09 Oct 2020

PARIS: Euronext wheat retreated on Thursday, falling below the 200 euro threshold as an international rally fuelled by dry weather in several exporting countries lost momentum.

December milling wheat, the most active contract on Paris-based Euronext, was down 1.50 euros, or 8%, by 1612 GMT at 199.00 euros ($233.86) a tonne.

It earlier rose to 202.25 euros, matching Wednesday's life-of-contract high that was also a near five-month peak for a spot price, before tracking a sharp pullback for Chicago wheat in US trading.

Although weather forecasts still showed little rain in the coming two weeks for dry US, Russian and Argentine wheat belts, traders said there was profit taking after the rally and ahead of closely watched US government crop forecasts due on Friday.

A lull in demand in France, after talk of further sales to China at the turn of the month, also curbed Euronext, traders said.

Calmer mid-week weather in France was expected to helped farmers make progress in wheat sowing, but frequent showers forecast in the week ahead were creating doubts after heavy rain since late September.

In Germany, export sentiment remained positive as exporters handled a large loading programme, notably to Algeria, and saw scope for more demand from Britain.

"The combination of firm Russian prices and reduced French export supplies after the small French crop are pushing more export demand to Germany and the Baltic region," a German trader said.

One ship has just loaded 4,000 tonnes for Britain following a series of small shipments in past weeks.

"The British were big buyers in Germany in August and into September but have been quieter in the past couple of weeks," the trader added.

"But there are expectations the British will have little option but to buy more wheat for quick shipment if the Brexit talks end in deadlock."