AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

PARIS: European wheat prices edged lower on Wednesday in a market that traders said was lacking direction in the absence of new fundamental elements and was under pressure from a poor export outlook this season.

Benchmark December milling wheat on Paris-based Euronext unofficially closed down 0.1% at 184.00 euros a tonne.

"The low harvest in Europe has been priced in, now people look at demand and they realise that EU wheat will have a hard time competing on some export markets," one trader said.

Consultancy Agritel forecast that French soft wheat exports would fall to 13 million tonnes in the current 2020/21 season, down from 20.9 million tonnes in 2019/20, with shipments to Algeria falling sharply and none forecast to Egypt, which should mostly turn to Russia and Ukraine this season.

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), on Tuesday purchased 530,000 tonnes of Russian wheat for two shipment periods in October.

In Germany, traders continued to assess the quality of the new crop, with harvesting now over and flour mills having made heavy purchases of new crop wheat.

"Overall quality is reasonable although the national picture is still a little difficult to judge because of considerable regional variations," a German trader said.

German flour mills are believed to have bought several hundred thousand tonnes for a range of delivery dates in August to September 2020 and even up to June 2021 in the last couple of weeks, he said.

German new crop wheat shipments were relatively modest with recent ships sailing including vessels with about 30,000 tonnes for Algeria and 30,000 tonnes for Guinea.

"With the French harvest looking so small this summer there are hopes the big French customer Algeria will get more supplies from other countries," another trader said. "But Poland and the Baltic States are looking a lot cheaper than Germany currently."

Comments

Comments are closed.