Main page   About us  |  Our news  |   Our services  |  Contacts
Main page guide Feedback RSS       In Russian



   IKAR in Mass Media
   Market prices
   Graphically speaking
   Market studies



   About us
   Our news
   Our services

IKAR in Mass and Industry Media

Paris wheat extends slide to seven-week low

Reuters, 02.08.17

PARIS, Aug 1 (Reuters) - Paris wheat futures fell further on Tuesday to strike a seven-week low, as the European market remained under pressure from weaker U.S. prices and a 2-1/2 year high for the euro against the dollar.

Growing signs of a bumper harvest in Russia were underlining ample global wheat supplies and taking attention away from very poor conditions for U.S. spring wheat.

Benchmark December milling wheat on the Paris-based Euronext exchange was down 2 euros, or 1.2 percent, by 1546 GMT at 171.75 euros, a level last seen on June 12.

Traders put next support 170 euros ahead of a contract lifetime low of 169.25 euros.

"The euro has moved above the $1.18 threshold after breaking technical resistance and that's opened the way for further gains," one futures dealer said.

"Euronext wheat is not far now from contract lows although I don't see it going below that given the uncertainty over quality in the German harvest."

The euro equalled a day-earlier high of $1.1845 against the dollar, a level not previously seen since January 2015, before easing back. A stronger euro makes grain from exporting countries such as France more expensive overseas.

Russian agriculture consultancy IKAR increased its estimate for this year's wheat production in Russia to a record 74-77 million tonne range.

Turkey, which relies on imports for some of its needs, expects to produce 21.8 million tonnes of wheat in 2017, the Turkish Grain Board (TMO) said, in what would be a sharp increase on last year.

However, there was still concern over potential quality damage to German wheat due to repeated rain in the European Union's No. 2 producer.

Rain has eased since last week in Germany, which could let delayed harvesting progress, although more showers are forecast in the coming days.

French brokers have already reported demand from German buyers seeking milling quality wheat.

All viewing: 155

Where The Margin Is
Annual Conference Agribusiness
media feedback

IKAR is a member of International research project Agri Benchmark from May 2010

Agri Benchmark

Putin Is Growing Organic Power One T-34 Tank-Tomato at a Time

Grain | Cereals | Sugar | Oilseeds | Feedstuffs & Ingredients | Meat | Dairy

IKAR. Institute for Agricultural Market Studies.

© 2002-2019  
IKAR. Institute for Agricultural Market Studies
24, Ryazansky str., off. 604, Moscow, Russia
Tel/Fax: +7 (495) 232-9007 | |  Feedback

Rambler's Top100 Рейтинг
Google translate: Google translate: Russian Google translate: German Google translate: French Google translate: Italian Google translate: Portuguese Google translate: Spanish Google translate: Turkish Google translate: Lithuanian Google translate: Chinese Google translate: Korea