European wheat prices experienced a decline on Tuesday, reversing a previous gain, following a similar trend in the U.S. markets. The drop was attributed to concerns over the state of European and Black Sea crops, alongside Russian wheat export prices hitting a four-week low due to positive reports on the new harvest.
European wheat fell on Tuesday after gaining 2.5% in the previous session, following a similar correction on U.S. markets. Benchmark September milling wheat on Paris-based Euronext, was down 1.2% by 1610 GMT to 227.50 euros a metric ton. Wheat prices had risen on Monday on concerns about European and Black Sea crops.
However, uncertainties persist regarding the final harvest size in Russia, the world's leading wheat exporter. In France, harvest progress is being closely monitored after recent storms, with initial winter barley yields showing signs of disappointment, sparking worries for other winter crops. Meanwhile, rapeseed prices surged to a over-month high due to disappointing yield results and strong oil prices.
The European Commission has postponed the release of its weekly data on EU cereal and oilseed exports and imports until July 9, including preliminary data for the entire 2023/24 marketing year.