PARIS: Euronext wheat fell to another one-year low on Wednesday, curbed by expectations that a grain export corridor from Ukraine will be maintained as talks intensify before a deadline next week.
May milling wheat, the most active contract on Paris-based Euronext, was down 1% at 267.25 euros ($282.14) a tonne by 1614 GMT.
It earlier fell to 266.25 euros, setting a lowest since Feb. 22 last year for a third straight session.
“There is a clear bearish trend and newsflow is pushing prices downwards, although there is a bit of stress (about the corridor deal),” a futures dealer said.
The wheat market has been pressured by Russian export competition as well as hopes the wartime shipping corridor from Ukraine will be extended. Ukraine’s president and United Nations Secretary-General Antonio Guterres called on Wednesday for the extension of a deal with Moscow.