PARIS: Euronext wheat extended losses on Thursday to new five-month lows as stiff export competition from Black Sea supplies eclipsed concerns over poor harvests in western Europe, a rail stoppage in Canada and intense fighting in Russia and Ukraine.
December wheat, the most active position on Paris-based Euronext, settled 1.1% lower at 209.50 euros ($232.78) a metric ton. It earlier fell to 207.75 euros, its lowest since March 11 and near a life of contract low of 204 euros set in early March.
September futures settled 1.3% lower at 196.75 euros after earlier setting a contract low at 195.50 euros that also marked a five-month low for a front-month price. Sale orders triggered by the breaching of chart support levels amplified the downward trend as the market tested the psychological 200 euro floor, dealers said. Chicago wheat also fell. The euro eased from a one-year high hit against the dollar the previous day, but remained a drag on western European wheat exports.
Source: Brecorder
