Paris Wheat Futures Slide in Bid to Compete With Black Sea Crops
Paris wheat futures fell for a fourth day as the market seeks a competitive price to lure major buyers back from cheap Black Sea crops.
Pricier European crops have struggled to attract purchases in the face of cheaper supplies from top global producers Ukraine and Russia. Poor harvests in France and Germany had pushed prices up over recent weeks.
The contract for December delivery fell for a fourth day, down as much as 0.9% on Tuesday, and its discount relative to March 2025 futures has widened to around €12 per ton. That reflects “the current overloading of French ports amid very sluggish export activity to non-EU countries,” wrote Argus in a note.
The price drop in contracts for delivery in 2024 comes as tenders by large importers such as Algeria, Bangladesh and Tunisia show a return of demand from the world’s largest buyers. Still, Black Sea origins are expected to dominate tender purchasing, said Argus.
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