HAMBURG: Euronext wheat futures slid to an 11-month low on Monday, extending losses from last week as a firm euro and competition from the Black Sea region again weighed on prices.
March wheat, the most active contract on the Paris-based Euronext, unofficially closed down 5.25 euros, or 1.8%, at 279.50 euros ($303.45) a tonne.
It earlier slipped to 278.75 euros, the weakest front-month price since February last year, with selling fuelled by the breaching of technical support above 280 euros.
The euro earlier reached a nine-month peak against the dollar, highlighting export competition as cheaper Russian and Ukrainian grain supplies continued to flow despite the two nations’ 11-month war.
“The market mood remains bearish, with Russian wheat everywhere you look,” one dealer said.
Physical wheat premiums in France remained firm after brisk exports this season, though traders said there were signs of export demand shifting to barley after more sales to China.
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