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Euronext wheat futures slipped to contract lows on Tuesday as ample supplies from northern hemisphere harvests hung over the market while renewed weakness in Chicago also curbed Paris prices. Benchmark December milling wheat on Paris-based Euronext settled down 0.75 euro, or 0.4% lower at 170.25 euros ($189.72) a tonne, a new life-of-contract low that was slightly below a previous low of 170.75 euros struck last Tuesday.
The less active front-month September futures slipped to a new contract low of 165.00 euros, after setting a low of 165.75 euros on Monday. A drop in Chicago wheat during US trading as corn turned lower added to technical pressure on Paris futures. A rise in the euro, which recovered from a near three-week low against the dollar earlier in the session, also removed a recent support factor for Euronext wheat.
Wheat markets have been sapped both by a slide in Chicago corn after last week's unexpected increase in the US government's harvest outlook, as well as expectations for large US and European wheat crops. In France, the harvest could top 39 million tonnes in the second-biggest volume on record after escaping widespread damage from heatwaves this summer, wheat farmers group AGPB said, echoing expectations of most market players.
"Current prices reflect the abundant harvest supplies in Europe," Eric Thirouin, the AGPB's president, said. "Whereas we were smiling in July with the harvest, we're now getting worried with the price slide in the past two weeks." Brokers again cited a lack of selling by producers at current levels as adding to the summer holiday lull on the physical market. French port data was showing a steady flow of shipments although traders said it was not sufficient to counter post-harvest supply pressure. After news on Monday that a rare shipment of French wheat for China was loading in northern France, traders said there was talk that more wheat cargoes may follow for China in the coming weeks.

Copyright Reuters, 2019

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