AGL 38.05 Increased By ▲ 0.48 (1.28%)
AIRLINK 131.25 Decreased By ▼ -1.25 (-0.94%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.79 Increased By ▲ 0.02 (0.53%)
DCL 8.69 Decreased By ▼ -0.18 (-2.03%)
DFML 40.82 Decreased By ▼ -0.18 (-0.44%)
DGKC 87.60 Decreased By ▼ -2.56 (-2.84%)
FCCL 34.72 Decreased By ▼ -0.36 (-1.03%)
FFBL 65.90 Decreased By ▼ -0.60 (-0.9%)
FFL 10.35 Increased By ▲ 0.20 (1.97%)
HUBC 108.65 Increased By ▲ 2.25 (2.11%)
HUMNL 14.10 Increased By ▲ 0.70 (5.22%)
KEL 4.80 Decreased By ▼ -0.06 (-1.23%)
KOSM 6.86 Increased By ▲ 0.01 (0.15%)
MLCF 41.20 Decreased By ▼ -0.60 (-1.44%)
NBP 59.51 Increased By ▲ 0.93 (1.59%)
OGDC 180.50 Decreased By ▼ -0.75 (-0.41%)
PAEL 25.37 Decreased By ▼ -0.33 (-1.28%)
PIBTL 5.89 Increased By ▲ 0.06 (1.03%)
PPL 145.00 Decreased By ▼ -3.40 (-2.29%)
PRL 23.26 Increased By ▲ 0.04 (0.17%)
PTC 15.22 Decreased By ▼ -0.02 (-0.13%)
SEARL 67.60 Decreased By ▼ -1.19 (-1.73%)
TELE 7.22 Decreased By ▼ -0.02 (-0.28%)
TOMCL 35.75 Decreased By ▼ -0.25 (-0.69%)
TPLP 7.45 Increased By ▲ 0.05 (0.68%)
TREET 14.00 Decreased By ▼ -0.24 (-1.69%)
TRG 50.60 Decreased By ▼ -0.25 (-0.49%)
UNITY 26.38 Decreased By ▼ -0.02 (-0.08%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,764 Decreased By -4.1 (-0.04%)
BR30 29,497 Increased By 97.1 (0.33%)
KSE100 91,789 Decreased By -149 (-0.16%)
KSE30 28,631 Decreased By -112.5 (-0.39%)

Euronext wheat futures extended a slide on Tuesday to their lowest in two-and-a-half months as slow export activity raised concern that France may struggle to shift a record crop. December milling wheat, the most active contract on the Paris-based Euronext market, settled 1.00 euro or 0.6 percent lower at 178.75 euros. It earlier fell to 177.75 euros, its lowest since June 1, but held chart support around that level. The contract had already hit a two-month low at 179.25 euros on Monday.
"French wheat is not competitive. About 13 million tonnes need to be exported outside the EU (this season), and even to our main destination, Algeria, Baltic wheat is better priced," a French cash broker said. Traders and analysts expect the just-finished French soft wheat harvest to yield a record volume of around 39-40 million tonnes. Farm office FranceAgriMer on Friday put the crop at 40.4 million tonnes in one of the biggest estimates yet, although some traders were sceptical it would be that high.
The bumper French crop comes onto the market at the same time as large harvests elsewhere in Europe and the Black Sea region, creating stiff price competition in export markets. US wheat futures also slipped in the face of ample global supply, marked by what the US Department of Agriculture (USDA)forecasts to be a record world wheat harvest in 2015/16.

Copyright Reuters, 2015

Comments

Comments are closed.