PARIS: European wheat fell on Wednesday in the wake of US markets and on easing concerns about Black Sea supplies due to a halt in Russia’s attacks on Ukrainian port infrastructure.
Front month September milling wheat on Paris-based Euronext, was down 1.9% by 1445 GMT to 256.75 ($284.20) per metric tonne.
By the same time, the most active wheat on the Chicago Board of Trade was down 3.5% at $7.34 a bushel.
“We do not seem to be facing a rapid interruption to Ukraine’s grain exports via the EU as was feared after the attacks on Monday,” one German trader said. “Demand remains quiet with importers mostly on the sidelines, waiting for developments in Ukraine.”
The EU has also promised to help Ukraine export almost all its farm produce via rail and road.
No new wheat purchase tenders from Middle East/North African importers were seen on Wednesday, with only a tender for a minor 50,000 metric tonnes of wheat from Bangladesh reported.
Rain in Germany delayed the wheat harvest, especially in southern areas, but was welcomed for raising river Rhine water levels, allowing ships to take on more cargo.
In France, consultancy Agritel estimated this year’s soft wheat harvest at 34.82 million metric tonnes, up 3.3% on 2022, in what it said was a “disappointing” volume after dry weather in large parts of the country.
The 2023 crop would still be 1.3% above the average of the past five years.
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