June 23, 2011


EU wheat drops on CBOT losses and Black Sea competition



European wheat futures continued tumbling in late afternoon trade on Wednesday (Jun 22), losing more than 7% to a three-month low, hit by heavy losses in Chicago and renewed competition from the Black Sea, traders said.


Benchnmark November milling wheat was down EUR15.50 (US$22.16) or 7.41% at EUR197.00 (US$281.65) a tonne, after touching a lowest level since March 17 at EUR196.50 (US$280.93).


The market was notably shaken by low prices paid by Tunisia in a wheat tender that suggested Russian and Ukraine origins.