AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

PARIS: Euronext wheat futures closed slightly lower on Friday, consolidating after a new six-week high as traders waited to see if harvest results would bear out recent reduced forecasts for crops in several exporting countries including France.

The market showed limited reaction to a closely watched world crop report from the US Department of Agriculture, released near the end of the European session, with the USDA trimming as expected forecasts for wheat supply.

September milling wheat on Euronext unofficially closed down 0.75 euros at 187.00 euros a tonne.

It earlier rose to 189.75 euros, its highest since late May and surpassing a previous six-week top struck on Thursday.

A surprisingly low first forecast of the French soft wheat harvest by France's farm ministry this week fueled a rally on Euronext, with reduced estimates for crops in Argentina, Russia and Ukraine also lending support.

The harvest uncertainty was making producers reluctant to sell in France, forcing merchants to raise physical premiums this week, traders said.

Farmers had harvested 10% of the French soft wheat crop by Monday, farming agency FranceAgriMer said on Friday.

In Poland, prices rose in the last week due to stronger international markets and a weaker Polish currency, with attention on the upcoming harvest.

"Optimism is increasing that we will get a very good crop here. But some farmers are saying there has been too much rain recently with uncertainty about protein level of wheat," a Polish trader said.

Export prices for Polish 12.5% protein were around 770 zloty (172.2 euros) a tonne for August-October 2020 to the port silo, up 10 zloty on the week.

Domestic prices were more restrained, the trader said.

"Some Polish buyers are expecting a big crop and are waiting for harvest pressure on prices with wheat harvesting expected to start in about two weeks if weather holds."

Comments

Comments are closed.