The European Union kept its wheat export subsidy steady at six euros a tonne on Thursday, although the volume was relatively low at under 60,000 tonnes. At its second meeting after the summer break, the EU's grain panel also rejected free-market barley exports, and granted around 30,000 tonnes of wheat and 20,000 tonnes of barley for export from its intervention stores.
The refund level will do little to cheer exporters, who say they have been priced out of key traditional markets in north Africa by cheaper Russian wheat and need higher subsidies.
At the close, Paris-traded November futures were 0.25 euros lower at 108.00 euros a tonne.
French grains office ONIC on Thursday urged the Commission to adopt a more aggressive export policy by raising subsidies. "The six euro refund is completely insufficient," Bruno Hot, ONIC director-general, told a press conference.