AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

PARIS: European wheat futures fell to one month low on Tuesday as increasing expectations for Russia's harvest countered support from a disappointing crop and slow farmer selling in France.

Front-month September milling wheat on Paris-based Euronext, settled down 0.50 euro, or 0.3%, at 179.75 euros ($211.55) a tonne.

It earlier fell to 179.25 euros, its lowest since June 30, adding to steeper losses on Monday.

The more active December contract also struck a one-month low at 179.50 euros, before settling 0.3% lower at 180.25 euros.

Paris prices were again pressured by falling Chicago futures, as traders factored in an increased forecast of Russia's wheat harvest by widely followed consultancy IKAR.

Chart support around 180 euros and reduced harvest supply in France were underpinning Euronext, however, traders said.

The smaller French crop coupled with recent strength in the euro has curbed early season exports. Preliminary Refinitiv loading data showed France shipped its smallest volume of soft wheat outside the European Union for July in at least a decade.

Traders in Germany cited demand from French exporters for German wheat.

"The main export business in past days has been sales to French traders seeking wheat of at least 11% protein meeting Algeria's import specifications," one German trader said.

"French trading houses have bought German wheat for September/October delivery at level or one euro under the Euronext December contract, apparently as a guarantee of deliveries in Algerian purchases because of the expected smaller size of France's harvest."

Drier weather forecast this week in Germany is expected to enable wheat harvesting to gather pace after rain delays.

However, as in France, a lower than expected official forecast has put a question mark over the harvest.

Germany's 2020 wheat crop could fall about 12% to 20.23 million tonnes, the statistics office said on Tuesday, noting farmers planted less wheat than previously thought.

Comments

Comments are closed.