PARIS: European wheat fell 2% on Monday, pressured by signs that Russia could unlock grain cargoes blocked in Ukrainian ports and on welcome showers in France, though volumes were light in the absence of US markets closed for the Memorial Day holiday.
Benchmark September milling wheat on Paris-based Euronext was down 2% at 406.50 euros ($438.21) a tonne by 1530 GMT.
President Vladimir Putin on Monday said that Russia was ready to facilitate the unhindered export of grain from Ukrainian ports in coordination with Turkey, according to a Kremlin readout of talks with Turkish President Tayyip Erdogan.
“There is a growing sentiment that a solution will be found at international level to unleash Ukrainian wheat to avoid a food crisis in countries reliant on it,” one trader said.
Rainfall in several parts of France over the weekend also eased concerns over heavy damage from dry and hot weather in the European Union’s largest producer of the grain, traders said.
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