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Sunday, October 2, 2022

Paris wheat ticks lower before US crop report

PARIS: Euronext wheat edged lower on Friday, curbed by weakness in Chicago futures as grain markets awaited impetus from world crop forecasts from the US government.

A further fall in the euro, which hit a three-low against the dollar, lent support to Paris prices, partly offsetting the drop in Chicago.

September milling wheat on Paris-based Euronext was 0.3% down by 1425 GMT at 385.25 euros ($405.01) tonne.

Market participants are looking to the US Department of Agriculture’s (USDA) world crop report at 1600 GMT for a gauge of US supplies and the ongoing impact of the war in Ukraine.

Wheat markets have fluctuated this month in reaction to diplomatic talks to re-open Ukraine’s Black Sea ports.

An agreement appeared uncertain as fighting between Russian and Ukrainian forces raged in eastern Ukraine while traders were doubtful about how a shipping corridor could function.

After a dip in international demand in recent weeks as importers balked at high prices fuelled by the war in Ukraine, traders were increasingly looking ahead to the 2022/23 season that starts in July.

In France, traders said there was talk of a fresh wave of demand from drought-hit Morocco, with cargoes expected to be shipped in the coming weeks.

The condition of France’s soft wheat crop deteriorated for a sixth consecutive week, data from farm office FranceAgriMer showed on Friday.

But a smaller decline in the latest week suggested rain and cooler temperatures may be curbing spring drought and averting further loss of yield potential for this summer’s harvest.

Paris wheat ticks lower before US crop report

Source: Brecorder

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