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EU wheat falls on plentiful Russian supplies, firm euro

Reuters, 22.06.20

PARIS, June 22 (Reuters) - European wheat prices fell back to near three-month lows on Monday on new signs of plentiful supplies in Russia as well as a firm euro.

Benchmark September milling wheat on Paris-based Euronext, settled at 178.50 euros a tonne, down 1.1% on the day, after hitting the three-month low of 178.25 euros/tonne first touched on June 17.

IKAR, one of the leading agriculture consultancies in Moscow, raised its estimate for Russia's 2020/21 wheat crop to 79.5 million tonnes from the previously expected 78 million tonnes.

Separately, French consultancy Agritel released a first estimate for the Russian crop, seen at 77.5 million tonnes, up 4% from last year.

"Ikar's report is pressuring Europe, especially with a good harvest outlook in Western Europe," a trader said.

Dry weather should allow good harvest progress for the barley crop in France with wheat only at the very beginning of the harvest with a few cuts in the southern part of the country.

The condition of French soft wheat was stable for a third week in a row last week, data from farm office FranceAgriMer showed on Friday, suggesting showers and moderate temperatures have brought some relief to crops after a very dry spring.

Euronext was also pressured by the euro's firmness against the dollar. A stronger euro makes European grain more expensive for export.

"In view of thin demand, the market is lacking new bullish elements," Agritel said.

Prices at 1640 GMT

                              Last  Change    Pct     End     Ytd
                                             Move    2019     Pct
  Paris wheat Sept          178.50   -2.00  -1.11  188.25   -5.18
  Paris maize Jun           165.50   -0.75  -0.45  168.50   -1.78
  Paris rape Aug            382.75    2.50   0.66  387.25   -1.16
  CBOT wheat                486.75    1.50   0.31  558.75  -12.89
  CBOT corn                 328.75   -3.75  -1.13  387.75  -15.22
  CBOT soy                  876.50    0.00   0.00  955.50   -8.27
  WTI crude oil              40.03    0.28   0.70   61.06  -34.44
  Euro/dlr                    1.13    0.01   0.73  1.1210    0.42

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

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