AIRLINK 60.84 Increased By ▲ 1.14 (1.91%)
BOP 6.32 Increased By ▲ 0.06 (0.96%)
CNERGY 4.32 Increased By ▲ 0.05 (1.17%)
DFML 15.91 Increased By ▲ 0.21 (1.34%)
DGKC 69.12 Decreased By ▼ -0.08 (-0.12%)
FCCL 18.11 Decreased By ▼ -0.24 (-1.31%)
FFBL 26.37 Decreased By ▼ -0.38 (-1.42%)
FFL 9.18 Decreased By ▼ -0.10 (-1.08%)
GGL 10.21 Decreased By ▼ -0.09 (-0.87%)
HBL 117.06 Increased By ▲ 1.16 (1%)
HUBC 114.31 Decreased By ▼ -0.09 (-0.08%)
HUMNL 6.87 Increased By ▲ 0.07 (1.03%)
KEL 4.87 Decreased By ▼ -0.02 (-0.41%)
KOSM 5.36 Increased By ▲ 0.71 (15.27%)
MLCF 38.50 Increased By ▲ 0.11 (0.29%)
OGDC 123.33 Decreased By ▼ -1.97 (-1.57%)
PAEL 21.78 Increased By ▲ 0.22 (1.02%)
PIAA 11.80 Increased By ▲ 0.93 (8.56%)
PIBTL 6.08 Increased By ▲ 0.06 (1%)
PPL 113.07 Decreased By ▼ -1.03 (-0.9%)
PRL 28.22 Increased By ▲ 0.32 (1.15%)
PTC 11.39 Increased By ▲ 0.49 (4.5%)
SEARL 51.91 Increased By ▲ 0.21 (0.41%)
SNGP 67.35 Decreased By ▼ -0.91 (-1.33%)
SSGC 11.29 Decreased By ▼ -0.13 (-1.14%)
TELE 7.78 Decreased By ▼ -0.02 (-0.26%)
TPLP 11.54 Decreased By ▼ -0.06 (-0.52%)
TRG 71.72 Decreased By ▼ -1.15 (-1.58%)
UNITY 23.04 Decreased By ▼ -0.51 (-2.17%)
WTL 1.29 Decreased By ▼ -0.01 (-0.77%)
BR100 6,717 Increased By 68.3 (1.03%)
BR30 22,517 Decreased By -52.7 (-0.23%)
KSE100 65,326 Increased By 747.2 (1.16%)
KSE30 22,146 Increased By 256.6 (1.17%)

PARIS European wheat edged lower on Tuesday over pressure from cheap Black Sea competition but uncertainty on whether the Black Sea grain deal would be extended limited losses, traders said. Benchmark May milling wheat on Paris-based Euronext, closed 0.8% lower at 275.75 euros ($292.32) a tonne.

Ukraine, invaded by Russian forces a year ago, has sent an appeal to the United Nations and Turkey to start negotiations on extending a deal allowing grain shipments from its Black Sea ports but there has been no response, a Ukrainian government source said on Tuesday.

The Black Sea Grain Initiative brokered last July allowed grain to be exported from three Ukrainian ports.

The agreement was extended in November and will expire on March 18 unless an extension is agreed. “If the deal was not extended it would be quite explosive,” Philippe Mitko, chairman of European grain trade association Coceral and head of public affairs at InVivo Trading, said at the Paris farm show.

“There is a global supply situation that is not totally serene today even if one should not cry wolf,” he added, referring to dry weather in the US wheat belt, Argentina, Europe and the Maghreb. However, rains this week in dry parts of the US Plains improved hard red winter wheat prospects and were weighing on the global wheat complex on Tuesday, traders said.

Indications that cheap wheat from Russia could cover a large part of the purchase by Turkey of a hefty 790,000 tonnes on Tuesday depressed EU export prospects, German traders said. The precise origins of the Turkish purchase were unclear but Russian, Ukrainian and other Black Sea wheat was thought to have dominated the sales. “Judging by the trading houses involved, it seems Russian wheat was sold in the Turkey tender repeatedly at under $310 a tonne c&f which is very cheap,” one German trader said.

“It also looks like some Ukrainian wheat was sold to Turkey at around $308 a tonne c&f.”

Comments

Comments are closed.