AGL 23.81 Decreased By ▼ -0.54 (-2.22%)
AIRLINK 103.60 Increased By ▲ 0.60 (0.58%)
BOP 5.66 Decreased By ▼ -0.05 (-0.88%)
CNERGY 3.93 Decreased By ▼ -0.03 (-0.76%)
DCL 8.36 Decreased By ▼ -0.14 (-1.65%)
DFML 41.70 Decreased By ▼ -1.29 (-3%)
DGKC 88.30 Decreased By ▼ -0.60 (-0.67%)
FCCL 22.70 No Change ▼ 0.00 (0%)
FFBL 40.88 Increased By ▲ 2.68 (7.02%)
FFL 8.96 Decreased By ▼ -0.15 (-1.65%)
HUBC 160.49 Decreased By ▼ -3.21 (-1.96%)
HUMNL 11.46 Decreased By ▼ -0.34 (-2.88%)
KEL 4.82 Decreased By ▼ -0.03 (-0.62%)
KOSM 4.09 Decreased By ▼ -0.04 (-0.97%)
MLCF 38.60 Increased By ▲ 0.19 (0.49%)
NBP 53.60 Increased By ▲ 0.75 (1.42%)
OGDC 130.60 Decreased By ▼ -2.29 (-1.72%)
PAEL 25.36 Decreased By ▼ -0.29 (-1.13%)
PIBTL 6.25 Decreased By ▼ -0.13 (-2.04%)
PPL 118.90 Decreased By ▼ -0.60 (-0.5%)
PRL 23.95 Decreased By ▼ -0.65 (-2.64%)
PTC 12.92 Increased By ▲ 0.28 (2.22%)
SEARL 59.11 Decreased By ▼ -0.49 (-0.82%)
TELE 7.43 Decreased By ▼ -0.06 (-0.8%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 8.72 Decreased By ▼ -0.13 (-1.47%)
TREET 15.90 Increased By ▲ 0.10 (0.63%)
TRG 55.95 Decreased By ▼ -1.95 (-3.37%)
UNITY 34.95 Increased By ▲ 0.06 (0.17%)
WTL 1.20 Decreased By ▼ -0.02 (-1.64%)
BR100 8,536 Decreased By -8.5 (-0.1%)
BR30 27,187 Decreased By -204 (-0.74%)
KSE100 79,944 Decreased By -48.3 (-0.06%)
KSE30 25,500 Decreased By -43.9 (-0.17%)

PARIS: Euronext wheat futures fell on Friday to near contract lows, pressured by a sharp drop in Chicago and worries about stiff export competition amid ample global

supplies. March milling wheat on Paris-based Euronext was down 1.4% at 215.25 euros ($233.78) a metric ton at 1554 GMT, near a life-of-contract low of 214 euros struck last week.

A lull in demand this week, following a run of purchases by importers last week, has put the focus back on lagging European Union exports and cheaper competition from Black Sea supplies.

“All the gains we saw this week have evaporated today, with Chicago back under $6 a bushel,” a French trader said.

“It’s gone very quiet and there’s nothing to give the market impetus.”

Easing prices in Russia and rising volumes in Ukraine’s wartime sea shipping channel were keeping attention on competition from the Black Sea zone.

“Russian export prices for both 11.5% and 12.% protein wheat for February shipment are still

holding below $240 a ton FOB,” one German trader said.

Traders said substantial numbers of grain ships previously booked to ship grains through the Red Sea were still sailing,

but it is becoming more difficult to book grain ships to make the Red Sea transit.

“With more ships being diverted from the Red Sea because of the attacks, people are starting to ask whether Ukrainian wheat will find its way into markets like Algeria in greater volumes,” another trader said. Algeria is one of the largest export markets for EU wheat.

Traders also noted news that the Chinese customs authorities have approved Argentine wheat for export to China, which could increase competition for French wheat in what has been a major export destination in recent years.

Comments

Comments are closed.