April 26, 2007

French wheat at new highs on weather woes

France's new crop November milling wheat futures set a new record high of 145.50 euros a tonne on Wednesday, up 1.50 euros, due to long drought affecting new grain crops, traders said.

Euronext milling wheat futures had bended in late trade on Tuesday following the fall in US futures, pressured by better-than-expected US crop ratings.

But European traders said the market was worried by the recent lack of rain and dry forecasts in Europe that could damage grain crops ahead of harvest.