AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)

PARIS: Euronext wheat and rapeseed extended losses on Thursday to their lowest in months, pressured by improved weather for US crops and broader market concerns about an economic downturn.

September milling wheat on Paris-based Euronext settled down 3.1% at 359.00 a tonne.

It earlier fell to 352.00 euros, the weakest front-month price since March 29.

Chicago wheat, corn and soybean futures dropped sharply.

Weakness in crude oil weighed on grain markets as participants assessed risks of rising interest rates triggering a recession and hurting demand.

“The macro side is having a big impact, especially on the US market,” one futures dealer said.

In wheat, early harvest progress in the United States and France after a heatwave was creating some supply pressure.

In France, after initial talk of poor yields but good quality in southern belts, there were expectations that yields would broadly improve further north, though with local contrasts due to the impact of drought and storms.

Physical premiums at French ports were firm, partly offsetting the slide on Euronext, as export demand remained steady, traders said.

Traders remained cautious about prospects of a diplomatic deal to create a sea corridor to export Ukrainian grain, a day after a Russian missile strike damaged grain terminals at the southern Ukrainian port of Mykolaiv.

In rapeseed, August futures settled down 4.8% at 661.75 euros a tonne, after earlier touching a lowest front-month price since Dec. 1 at 657.00 euros.

The slide in US soybeans, weakness in crude oil and early harvesting in Europe weighed on rapeseed.

Traders were also assessing a Reuters report that some G7 countries are pushing for a waiver on mandates for using crop-based biofuel, in order to ease tensions in food markets.

Rapeseed oil is widely used in biodiesel in Europe and German government proposals to reduce biofuel blending have previously pressured rapeseed prices.

Comments

Comments are closed.