A hot, dry summer in some major grain growing areas in the bloc lead several forecasters to severely reduce their estimates for crops such as maize (corn).
The EU executive left unchanged its forecast for EU-27 exports of common wheat, or soft wheat.
Pakistan is facing some 2.5 to 3 million metric tons shortage of wheat due to lower crop output during this season. Initially, the federal government allowed duty-free import of 3 million tons of the commodity including 1.5 million tons through TCP and the same quantity allocated to the private sector.
Wheat heading lower as part of broad markets sell-off related to rising COVID-19 cases in Europe and the United States. Forecasts for rain in US Plains add pressure.
CBOT December corn was last 10-1/2 cents lower at $4.05-1/2 per bushel.
In a statement issued here, the CM stated the decision was made to stabilise flour prices and pointed out that Punjab was the only province where 20kg flour bag was available for Rs. 860.
