PARIS: Euronext wheat futures fell on Tuesday to new 3-1/2-year lows as rumours of cheap offers of Russian wheat in an Algerian tender deepened concern about stiff export competition in a well-supplied market.

May milling wheat on the Paris-based Euronext was down 1.8% at 189.75 euros ($206.16) a metric ton by 1528 GMT. It earlier fell to 188.50 euros, the weakest second-month price since September 2020 and slightly below previous 3-1/2-year lows in recent days, before edging back above the 190 euro support level. March wheat, which has seen volatile moves ahead of its expiry next Monday, was down 3.1% at 183.00 euros, after setting a new 3-1/2 low for a front month at 179.00 euros.

Chicago wheat, the global benchmark, also fell. Euronext has been weakened in recent weeks by falling Russian prices and talk that Algerian state buyer OAIC had received aggressive offers below $230 a ton, cost and freight (c&f), believed to be for Russian supplies, created further pressure on futures.