Euronext wheat eases again as Russia rain, commodity slide weigh
PARIS, Oct 15 (Reuters) -Euronext wheat fell for a third session on Tuesday as forecasts for rain in parched Russian wheat belts eased crop worries and took the focus away from rising Russian export prices.
A broad drop in commodities also weighed on grain markets, including a steep fall for crude oil on persistent worries over Chinese energy demand. O/R
December wheat BL2Z4 on Paris-based Euronext settled 1.1% down at 226.25 euros ($246.43) a metric ton after reaching a one-week low at 225.00 euros.
CBOT wheat Wv1 also fell for a third day to hit a two-week low. GRA/
Market worries over Russian wheat exports, after a de-facto price floor proposed by the Russian government in a meeting on Friday according to sources, and a steep rise in wheat export duties, subsided.
With the impact of the measures was unclear, the market was focusing on showers expected southern Russia in coming days that may help planting and early crop growth, traders said.
Rain relief expected in winter wheat belts in both Russia and the United States took attention away from excess rain in France that is holding up field work.
France's farm ministry cut further its estimate of this year's rain-hit wheat harvest, confirming the smallest volume since the 1980s.
Following Monday's launch of spread contracts between Euronext and CME Group's U.S. wheat futures, there was a handful of trades on the spread between Chicago and Paris wheat, mostly on the CME-based version in dollars.
($1 = 0.9181 euros)
Reporting by Gus Trompiz; Editing by David Gregorio
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