Wheat prices continue to decline
Thursday on the French Euronext stock exchange on the morning of the toga is passed under pressure of falling prices in Chicago and in the afternoon – under the influence of the outcome of the Egyptian tender.
Traders expected that the winner will once again become the Russian wheat, but not counting on a further fall in prices. For the sixth successive tender, GASC bought exclusively Russian wheat at a price that even despite the elevated risks were lower than the previous tender.
December futures French wheat fell to the lowest level of the last 2 months.
Traders see certain advantages in another victory of Russian wheat in Egypt. Instead the Agency GASC these 240 thousand tons could buy other countries that perhaps would be in the sphere of interest of France.
the Agency FranceAgriMer for the first time since July, have reduced the forecast of wheat exports in the season to 2017/18 18,112 million tonnes, which is 250 thousand tons is inferior to the estimated Oct. But it's still 60% higher than in the export unsuccessful last season.
fierce competition with Russian wheat has, mainly on the export of French grain to third countries. Forecast sales to these markets soft wheat decreased in comparison with October by 300 thousand tons to 9.9 million tonnes, which is still almost twice the level of exports of the 2016/17 season.
- December futures milling wheat on the Paris MATIF fell by 0.5 €/t to 158,75 €/t (186,89 $/t).