EU wheat prices ease, focus on harvests in France, UK
LONDON, Aug 2 (Reuters) -Euronext wheat futures ended slightly lower on Friday as the harvest progressed in France despite some rain delays and was just starting to get underway in Britain.
September wheat BL2U4 on Paris-based Euronext settled 0.2% lower at 219.75 euros ($239.77) a metric ton
The rain-hit soft wheat harvest in France was 67% complete by July 29, advancing from 41% a week earlier, data from farm office FranceAgriMer showed on Friday.
The harvest continued, however, to trail the five-year average of 84% by the same point.
Producers and traders are expecting one of the smallest French wheat crops in decades after months of heavy rain hit planting and crop growth.
In Britain, only a very small area of winter wheat has been harvested but conditions are expected to be favourable for at least the next couple of weeks, the Agriculture and Horticulture Development Board (AHDB) said in a report on Friday.
"Harvest is expected to continue progressing well in the coming fortnight although a band of low pressure looks set to reach much of the UK this weekend, bringing cooler temperatures and increased chance of rain," the AHDB said.
The winter barley harvest was 85% complete, as of July 31, sharply up from 48% at the same stage last year.
Russia allocated 0.5 million metric tons of grain from the state grain fund for market interventions in the second half of 2024 to maintain price stability and encourage farmers to sell their grain stock, the government announced on Friday.
Many farmers are withholding their stock in hopes of securing better prices later, creating price uncertainty for millers.
($1 = 0.9165 euros)
Reporting by Nigel Hunt; Editing by Mark Potter
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