Source: Ukragroconsult (Ukraine)
Wheat futures on Euronext were little changed on Thursday as the market consolidated after gains in the previous session, with prospects of a poor harvest in France remaining in focus.
Wheat futures for the September contract on Euronext Paris were unchanged at 220.25 euros ($237.56) per metric ton.
On Wednesday, the contract had gained 2.3 percent.
“The next few weeks will be crucial for the European harvest. French farmers are asking their government for support as the country is forecast to have its lowest harvest in a decade due to the fourth wettest spring on record,” UK grain trader Frontier said in a weekly report.
France’s main wheat crop this year could be as low as 26 million tons, a level not seen since the 1980s, as harvest results confirm a drop in yields after months of heavy rainfall, growers’ association AGPB said on Tuesday.
Traders are also keeping a close eye on the outlook for Russia, the main wheat exporter, following unfavorable weather conditions in the spring.
On Thursday, Russia left its official forecast for the grain harvest at 132 million tons, down from 145 million last year and a record 158 million in 2022.
According to European traders, the Taiwan Flour Mills Association bought about 105,650 tons of food wheat to be shipped from the United States in a tender on Thursday.