EU wheat slides as war fears fade, harvest nears
PARIS, June 24 (Reuters) - Euronext wheat futures fell sharply on Tuesday as a tentative ceasefire between Israel and Iran eased war worries while the run-up to what are expected to be large Northern Hemisphere harvests maintained supply pressure, traders said.
September wheat BL2U5 on Euronext settled 2.1% lower at 200.00 euros ($232.40) a metric ton, falling for a third session to move further back from Friday's one-month peak of 210.50 euros.
Chicago wheat Wv1 also dropped by over 2%. GRA/
After uncertainty over U.S. military action against Iran and concern over mixed crop weather fuelled short-covering in wheat last week, signs of de-escalation in the Israel-Iran conflict shifted attention back to bearish fundamentals.
Crop monitoring service MARS on Monday raised its outlook for this year's soft wheat yield in the European Union, citing high expectations in southern Europe that offset dry weather threatening yields in the northern part of the bloc.
In France, reports of satisfactory yields in the fast-moving winter barley harvest were nonetheless adding to expectations of a good wheat crop despite dry, hot weather this month, traders said.
Argus Media increased its forecast for Russia's 2025/26 wheat production, now projecting output to reach 84.8 million tons and come well above last year's 81.3 million tons.
That reinforced the prospect of ample supplies of Black Sea wheat for export markets, putting pressure on western European wheat already burdened by strength in the euro EUR=.
Egypt's state grains buyer has purchased several hundred thousand tons of Black Sea wheat for delivery in July and August, market sources told Reuters.
Egyptian demand for Black Sea wheat has tempered reaction to rare sales of French wheat, with the first of three expected vessels now loading in France.
French port data compiled by LSEG also showed 55,000 tons of barley were due to load for China, in what would be the first such shipment in months. GRAIN/SHP/FR
($1 = 0.8606 euros)
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