PARIS: European wheat fell on Tuesday after gaining 2.5% in the previous session, following a similar correction on US markets.
Benchmark September milling wheat on Paris-based Euronext, was down 1.2% by 1610 GMT to 227.50 euros a metric ton.
Wheat prices had risen on Monday on concerns about European and Black Sea crops.
Russian wheat export prices had declined for the fourth week in a row last week amid good news about the new harvest but uncertainty remains about the final size of the harvest in the world’s largest exporter of the cereal.
Eyes in Europe were on the progress of the harvest in France after being halted by recent storms and before further rainfall forecast in grain growing regions later in the week.
Initial cuttings showed disappointing winter barley yields For the time being, winter barley yields are disappointing, raising concerns for other winter crops.
“The market remains nervous about wheat production potential in both the Black Sea basin and western Europe,” consultancy Agritel said.
Rapeseed prices on the contrary rose to a more than 1-month high on disappointing yield results and strong oil prices. A large amount of rapeseed is used to produce biodiesel.
The European Commission delayed the publication of its weekly data on EU exports and imports of cereal and oilseed products to July 9. These will include preliminary data for the whole of the 2023/24 marketing year that ended on June 30.
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