Paris wheat futures fell on Wednesday, May 22, the reason for this is a pause in US trading and optimistic views on the crop.
September wheat prices on the Euronext exchange in Paris fell 1.25 euros, or 0.7%, to 175.00 euros ($ 195.21) per tonne. On Tuesday, May 21, in almost seven weeks, contract prices, supported by a three-month high for Chicago wheat, peaked at 178.25 euros.
The US grain market grew last week amid growing concern that torrential rains would not allow corn to be sown and some ripening winter wheat crops would be damaged.
Chicago wheat weakened on Wednesday, May 22, while the corn trade was hesitant, as there was a lull in short-term investment fund coverage. “Pricing in Europe is based on US factors, while the situation with crops in the EU and competing exporters in the Black Sea region is good,” the futures dealer said.
Unlike the United States, rainfall in Europe has benefited the crop by reducing drought. The Coceral Grain Industry Association, due to improved weather conditions on Tuesday, May 22, raised its forecast for soft wheat production in the European Union in 2019.
