Paris Wheat Hits 14-Month Low; Rapeseed And Corn Near 24-Month Low
Paris milling wheat futures hit a 14-month low Tuesday amid a broad-based sell-off in commodities in general, traders said.
At 12.30BST, the benchmark November wheat contract was down EUR2.50 at EUR168.50/tonne after briefly hitting a low of EUR166.50 earlier.
Paris corn futures were sharply lower with new crop benchmark January down EUR3.50 at EUR155/tonne. The contract earlier hit a low of EUR153.50/tonne earlier, a level not paid in nearly two years.
Corn is under pressure as world wheat supplies, particularly feed wheat supplies, are growing by the day a trader said.
Euronext rapeseed futures were also sharply lower with November down EUR4.75 at 367.75/tonne after hitting a nearly 2-year low of 367.00 euros.
Sharply weaker US grains and a softer crude oil market overnight added to the bearish tone traders said.
At 12.30BST, the benchmark November wheat contract was down EUR2.50 at EUR168.50/tonne after briefly hitting a low of EUR166.50 earlier.
Paris corn futures were sharply lower with new crop benchmark January down EUR3.50 at EUR155/tonne. The contract earlier hit a low of EUR153.50/tonne earlier, a level not paid in nearly two years.
Corn is under pressure as world wheat supplies, particularly feed wheat supplies, are growing by the day a trader said.
Euronext rapeseed futures were also sharply lower with November down EUR4.75 at 367.75/tonne after hitting a nearly 2-year low of 367.00 euros.
Sharply weaker US grains and a softer crude oil market overnight added to the bearish tone traders said.
