European wheat futures eased on Monday in line with US prices as grain markets consolidated after a strong rally last week and as operators started to look ahead to key US planting estimates at the end of the month. Benchmark May milling wheat in Paris was down 1.25 euros or 0.58 percent at 212.50 euros a tonne. On Friday, the contract hit the highest level in more than a month at 216.25 euros, as it tested a major resistance zone.
US wheat fell under pressure from corn and soyabean futures that came off multi-month highs. Chicago soyabean prices have led the grains complex higher this month as US soya has benefited from brisk exports linked to deteriorating harvest prospects in South America.
Comments
Comments are closed.