EU wheat slips to lowest since April as supply pressure persists globally

European wheat futures fell on Friday to their lowest since April, as widely followed U.S. government forecasts underscored ample global supply including a bigger than expected U.S. crop. September wheat on Euronext settled 1.5% down at 220.00 euros ($239.84) per metric ton. The contract fell to 218.25 euros, its lowest since April 22, just after the U.S. Department of Agriculture’s (USDA) monthly world report, but like earlier this week held the 220 euro chart support level at the close. Chicago wheat Wv1 also fell to its lowest since April, with the USDA increasing its estimates of U.S. wheat production and stocks this season by more than anticipated. Prices have been under pressure this month as warm, dry weather has helped harvesting advance in U.S. and Russian crop belts. That has outweighed poor prospects in France, where heavy rain is expected to push production down to one of its lowest levels in decades. “Market attention remains on very cheap Russian wheat and low ...