HAMBURG/PARIS: European wheat futures ticked down on Monday, stabilising after an earlier three-week low as a weaker euro and a rebound in Chicago futures cushioned the impact of Friday’s slide on the US market.
December wheat on the Paris-based Euronext was down 0.2% at 235.00 euros ($246.87) a metric ton at 1514 GMT. It earlier fell to its lowest since Sept. 12 at 233.50 euros as the market reacted to Friday’s 6% fall in Chicago. Deferred positions on Euronext were slightly higher. “That (Chicago fall) weighed a little but the exchange rate is underpinning us,” a futures dealer said.
The euro fell sharply against the dollar on Monday, resuming a slide that took it to its lowest since January last week.
While the US market was digesting Friday’s larger than expected government estimate of 2023 US wheat production, the European market remained focused on export competition from the Black Sea zone.
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