EU wheat eases as Black Sea supply hangs over market
Adds close
PARIS, July 24 (Reuters) -Front-month wheat futures on Euronext eased on Wednesday as export competition from Black Sea supply weighed on sentiment while traders sought further clues about the extent of losses in a rain-hit harvest in western Europe.
September wheat BL2U4 on Paris-based Euronext settled 1.1% down at 222.50 euros ($241.35) a metric ton, as it moved further from Monday's two-week peak of 227.50 euros.
Deferred positions on Euronext were mixed.
"I think the cheap prices in export markets offered by Black Sea exporters coupled with lack of demand from purchase tenders this week is overriding the concern about rain damaging French and possibly German harvests," one German trader said.
Russian 11.5% protein wheat for August Black Sea shipment was on Thursday around $210-$211 a ton FOB, Russian 12.5% protein was at $219-$220 a ton FOB.
In France, export activity remained light as the market awaited more harvest news as showers since the weekend kept field work slow in major northern crop belts.
"As we wait to see if the French crop will be 26 million, 27 million or 28 million tons say, we're simply not competitive for export," a futures dealer said.
Market estimates of the French harvest are well below the farm ministry's initial forecast of a soft wheat crop of 29.7 million tons, which was already 15% lower than last year.
In Germany, persistent rain was also slowing harvest progress and maintaining concern about loss of wheat quality, though many crops are not due to be gathered until August.
Traders were debating whether British and EU mills might turn to U.S. wheat.
“Quality problems in France and possibly Germany could generate European imports of U.S. wheat,” another trader said.
“This week, U.S. soft red winter for August Gulf shipment is about $25 a ton FOB cheaper than French 11%. At this level U.S. sales to Europe are certainly feasible.”
Financial investors increased their net short position in Euronext wheat last week, data published by Euronext on Wednesday showed.
($1 = 0.9219 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Maju Samuel, Alexandra Hudson
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
