Paris wheat stuck at 18-month low as supply hangs over market
PARIS, March 23 (Reuters) -Euronext wheat fell again on Thursday to set a new 18-month low as supply pressure from large Black Sea exports and improving crop conditions in Europe continued to weigh on prices.
Price movements were less sharp than earlier this week when dealers said nervousness in financial markets and a wave of farmer sales fuelled the drop on Euronext. MKTS/GLOB
May milling wheat BL2K3 on Paris-based Euronext settled 1.2% down at 245.00 euros ($266.29) a tonne, bringing this week's decline to nearly 8%.
Earlier, the contract dropped to 244.00 euros, a lowest front-month price BL2c1 since Sept. 21, 2021.
The continuation of a grain export corridor from Ukraine, large Russian shipments and beneficial rain for U.S. and European crops have eased supply concerns caused by the war in Ukraine.
"It's bearish as it looks like there's going to be availability from the Black Sea and more competitiveness required in the West," Rabobank analyst Michael Magdovitz said.
"That's why wheat fell off a cliff."
Weekly U.S. export data showed wheat sales below market expectations. GRA/
In France, selling by farmers worried about further price losses and facing storage deadlines contributed to the slide on Euronext, according to traders.
"Farmers have added to supply as they release grain from storage. There was a bit of a rush as some people said the 2022 crop was a lost cause," a French trader said.
Some traders considered the market fall was overdone given persisting dryness in some U.S. and European crops belts, an expected drop in Ukraine's 2023 harvest and signs of late weather damage to India's crop.
Euronext rapeseed rose to break a 13-session falling streak and move away from a two-year low.
May futures COMK3 settled up 1.3% at 436.25 euros a tonne, recovering from Wednesday's low of 418.75 euros that marked a weakest front-month price COMc1 since December 2020.
Rapeseed has been sapped by ample supplies in Europe as well as weakness in related vegetable oil and crude oil markets.
($1 = 0.9200 euro)
Reporting by Gus Trompiz in Paris; editing by Jonathan Oatis
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