EU wheat prices fall due to pressure from global stocks

European wheat prices continued to fall on Wednesday, traders said, following Monday’s gains, which were considered excessive given ample global supplies. On the Paris-based Euronext exchange, milling wheat futures for December delivery closed down 0.1% at €192.00 per tonne, after reaching a nearly two-month high of €193.50 on Monday. Meanwhile, the most-traded wheat contract in Chicago rose 0.2% by the same time to $5.30 per bushel, as the entire U.S. grain complex was supported by optimism that China and the U.S. could reach a soybean purchasing agreement. “Euronext wheat is not in line with optimistic forecasts for a U.S.-China trade deal,” a German trader said. Wheat is unlikely to be the main component of any deal. Prices will likely receive only indirect support from investor interest in commodities and a possible strengthening of the US dollar. According to traders, Russian wheat is leading the price in export markets, but import demand is weak, and Argentine wheat remains ...