AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

PARIS: Euronext wheat extended losses on Thursday to a three-month low, pressured by increased supply forecasts and concern over export competition as traders awaited results from an Algerian tender. March wheat on Paris-based Euronext was down 5.50 euros, or 2.0%, at 265.75 euros ($304.58) a tonne by 1652 GMT, after earlier touching a three-month low at 264.50 euros.

Strength in the euro and investor worries over rising inflation contributed to losses in Euronext wheat, traders said. An increased estimate of 2021/22 global wheat production by the International Grains Council (IGC) on Thursday underscored strong southern hemisphere supply.

The US Department of Agriculture (USDA) had on Wednesday pegged US winter wheat acreage and world wheat stocks above average analyst estimates. Farming agency FranceAgriMer on Wednesday cut its forecast of French soft wheat exports in 2021/22 and increased its 2021/22 stocks projection to a 17-year high.

Consultancy Strategie Grains, meanwhile, on Thursday trimmed its forecast for European Union wheat exports, citing like FranceAgriMer a drag from stalled French sales to Algeria. Traders are watching to see if Algeria will again overlook French supplies in a tender on Thursday.

Large South American and Australian wheat harvests have increased export competition. “South American wheat, especially Argentine and Brazilian is looking cheap in important EU markets including Algeria, Morocco, South Africa and sub-Saharan Africa,” one German trader said. “This is not positive for near-term export sales prospects although Russian export taxes are cutting Russian sales.” In Germany, traders were nonetheless hoping for sales in tenders this week, especially in Iran and Algeria.

Comments

Comments are closed.