HAMBURG: Euronext wheat fell to a new one-year low on Monday on competitive Russian exports and expectations that a wartime shipping corridor from Ukraine will be extended, easing supply concerns. Benchmark May milling wheat on Paris-based Euronext fell for a fourth-consecutive session, unofficially closing down 1.4% at 271.25 euros ($289.80) a tonne.

It earlier fell to 268.50 euros, its lowest level since February 2022 and below a previous one-year trough hit last week. “The market still has a heavy feel for now, with selling pressure continuing,” a futures dealer said.

The Turkish foreign minister’s comments about Turkey working to extend the Ukrainian shipping channel are being taken as signs new efforts are being made to continue the shipping deal due to expire in mid-March, one German trader said.

News that Morocco had maintained for March a lower subsidy rate for imports of Russian and Ukrainian wheat compared with other origins like French wheat raised the prospect of more European Union shipments to the North African country.

Morocco has provided steady demand for EU wheat, even as exports to other destinations have ebbed in the face of Russian competition. “The EU market needs more demand, we are still seeing very cheap sales offers of Russian wheat in international markets.

The main recent demand for EU wheat I have seen is Morocco which I estimate bought about 250,000 tonnes of French and other north EU wheat in the last week or so mostly for March shipment,” a German trader said.

In France, widespread showers forecast in the week ahead were tempering immediate crop concerns after a record dry spell in recent weeks. Standard 12% protein wheat for March delivery in Hamburg was offered for sale at a premium of about 7 euros over the Euronext May contract with little purchase interest seen.