PARIS: European wheat dipped on Wednesday on improved forecasts for the Russian wheat harvest, which are likely to send Russian prices lower at a time when European wheat is already struggling to remain competitive. September milling wheat on Paris-based Euronext settled 1.5% down at 223.25 euros a metric ton.
Russian consultancy SovEcon raised its forecast for Russia’s wheat crop this year to 84.1 million tons from 80.7 million tons previously.
Production numbers for all key regions have been adjusted higher.
The crop in the southern part of the country, where dry weather had raised concerns for the final harvest, is now projected at 33.2 million tons, up from 31.5 million tons. In France, however, uncertainty hangs over the final wheat harvest of the year.
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