EU wheat down at the open in wake of US markets

April 02, 2013

PARIS: European milling wheat futures fell 2 percent at the open on Tuesday at 234.00 euros per tonne in the wake of a sharp fall on US grains markets the previous day in a selloff after a bearish US government report.

US wheat futures tumbled to the lowest price for a front-month contract in nine months in Chicago on Monday on spillover selling from a steep drop in corn prices.

Markets were closed on Friday and Monday in Europe but were open on Monday in the United States.

The USDA fueled a second day of selling in the grain markets after estimating in a report on Thursday that inventories were larger than expected as of March 1.

The USDA, in the report, pegged US wheat stocks as of March 1 at 1.235 billion bushels, topping forecasts for 1.177 billion. Corn stocks were 386 million bushels above market expectations. Source Reuters

Published: Zarai Media Team