Paris wheat ticks up, hovers near contract lows

HAMBURG: Euronext wheat hovered near contract lows on Monday, pressured by a firm euro and ample global supply, while caution ahead of US government crop forecasts this week underpinned prices.

December milling wheat, the most-active position on Paris-based Euronext, rose 0.4 percent to 189.75 euros (USD222.9) per metric ton at 1533 GMT in light volumes.

The contract remained close to Thursday’s low of 188.00 euros, an 18-month trough for the second-month price.

The euro’s strength against the dollar eroded the export competitiveness of western European wheat.

Large projected supplies in exporting countries, and subdued import demand have pressured prices and encouraged investors to maintain sizable short positions.