ReutersReuters

Paris wheat tracks lower CBOT prices ahead of USDA data

Euronext wheat eased on Thursday, pressured by weakness in Chicago prices ahead of the widely followed U.S. acreage and stocks data.

Grain prices were also hit by forecasts pointing to moderate weather in the U.S. Midwest and renewed economic worries that pushed oil and equity markets lower.

September milling wheat (BL2U2) on Paris-based Euronext was down 1.3% at 354.00 euros ($370.25) a tonne by 1531 GMT.

The contract had fallen to a three-month low on Monday as early U.S. and European harvesting tempered worries over war disruption to Ukrainian exports.

However, the recent price drop triggered a wave of tenders by importers that underscored strong export demand for European wheat.

Egypt bought 815,000 tonnes on Wednesday, consisting mostly of French and Romanian wheat.

“With the war in Ukraine showing no signs of coming to a rapid end it looks like the EU will be able to sell just about everything it wants in export markets,” one German trader said.

“There is talk of large advanced export sales of German new crop wheat, especially to Iran.”

Sellers of standard 12% protein wheat for September delivery in Hamburg were offering around 18 euros a tonne over the Euronext December contract (BL2Z2).

Premiums for summer delivery to France's west coast port of La Pallice also remained at double-digit levels. (WHEAT/RTR)

The French market is also awaiting further harvest reports, with yields expected to improve after poor levels in southerly zones.

CBOT wheat (Wv1) was down 0.8% at $9.22-1/2 a bushel.

Germany's northern export regions are expected to produce a good crop despite recent dry conditions, traders said.

($1 = 0.9561 euros)

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