Paris wheat drops

HAMBURG/PARIS: European wheat prices fell on Monday, pressured by a rise of the European currency against the dollar that makes euro-denominated supplies more expensive in global markets.

Benchmark December milling wheat on Paris-based Euronext, fell 2% to 214.75 euros ($225.17) a metric ton by 1646 GMT. European wheat, which faces stiff competition from Black Sea origins, had been supported by euro weakness recently. Supportive was Russian agricultural consultancy Sovecon’s cut in its wheat and grain export forecasts due to expectations of stricter export quotas from the Russian government.

EU crop monitoring service MARS said on Monday warmer and drier than average weather in most of the European Union helped farmers accelerate crop sowing.