EU wheat extends fall to one-week low
PARIS, July 24 (Reuters) - European wheat prices extended the previous session's fall on Thursday as ample supplies, thin demand and a high euro continued to weigh on prices.
Benchmark September milling wheat BL2U5 on Paris-based Euronext, was down 1.50% by 1602 GMT to 196.50 euros ($231.22) a metric ton.
The most-traded wheat contract Wv1 on the Chicago Board of Trade was down 0.4% by the same time.
"European wheat cannot afford to rise if it wants to attract demand, especially with such a high euro," a trader said.
The euro EUR= was hovering near four-year highs against the dollar, making euro-denominated goods less competitive on the world market. The European Central Bank left interest rates steady at 2%, as expected, on Thursday.
Updates of an annual crop tour in North Dakota showed yields for U.S. spring wheat crops are likely to fall from last year's record per-acre output but remain above the five-year average, the Wheat Quality Council said on Wednesday.
The U.S. Department of Agriculture on Thursday incorrectly reported a sale of U.S. corn to China when the buyer was actually South Korea, the agency said.
The initial report had excited some grain traders because China is not a top buyer of U.S. corn and its demand for American agricultural goods has declined amid trade tensions between Washington and Beijing.
Prices at 1602 GMT | |||
Last | Change | Pct Move | |
Paris wheat BL2U5 | 196.50 | -3.00 | -1.50 |
Paris maize EMAc1 | 200.50 | -9.75 | -4.64 |
Paris rapeseed COMc1 | 474.75 | -1.75 | -0.37 |
CBOT wheat Wv1 | 538.50 | -2.00 | -0.37 |
CBOT corn Cv1 | 419.00 | 1.50 | 0.36 |
CBOT soy Sv1 | 1021.75 | -1.00 | -0.10 |
Euro/dlr EUR= | 1.18 | 0.00 | -0.05 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
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