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European wheat prices fall on ample supplies

Reuters, 30.07.20

PARIS: European wheat prices fell on Tuesday as expectations of ample Russian supplies and a strong euro weighed on sentiment and traders awaited the results of Egypt's tender to buy wheat for September shipment.

Front-month September milling wheat on Paris-based Euronext, was down 1% by 1530 GMT at 181.00 euros a tonne.

IKAR, one of Moscow's leading agriculture consultancies, said on Monday it had raised its forecast for Russia's 2020 wheat crop to 78 million tonnes from the previously expected 76.5 million tonnes due to high yields in some regions.

SovEcon, another Moscow consultancy, also said on Monday it could slightly update its forecast for Russia's 2020 wheat crop from 79.7 million tonnes this week following a revision of the wheat sowing area.

Meanwhile, analysts have been reducing their outlook for the EU's wheat harvest and consultancy Strategie Grains expects the EU soft wheat harvest to be below 130 million tonnes.

It also told Reuters it had cut to below 30 million tonnes its estimate for the French harvest, echoing Agritel.

The euro weakened to a one-week low, but was still strong enough to hamper EU wheat's competitiveness in international tenders.

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