European wheat prices, following a fall in US markets due to the weakening of concerns about potential crop damage from the weather, fell to an almost two-week low on Wednesday, May 5.
Euronext's September wheat flour prices in Paris fell 1.6% by 3:30 p.m. GMT to 179.50 euros per tonne after reaching an almost two-week low of 178.75 euros.
This is 6% below the peak price of 190 euros, recorded on May 29, during a rally due to weather. According to traders, precipitation on almost the whole of mainland France, Germany and the UK, as well as the lack of international buyers also affected prices.
“Soil moisture is improving, which is very welcome after the relative drought of recent weeks. At the global level, the situation looks quite comfortable in terms of volume for wheat, ”said one of them.
In Germany, prices on the Hamburg Stock Exchange have not changed much since rain improved the forecast for a new crop.
Standard wheat with 12% protein for September delivery to Hamburg was put up for sale at a price of 2 euros. It should be noted that in Germany, the wheat crop in 2019 will increase by 21.9% per year - up to 24.70 million.
Wheat futures on the Chicago Board of Trade on Thursday, June 6, dipped to nearly a weekly low as global markets continue to profit from the recent rally, triggered by concerns about potential damage to crops from rains.
