October 1, 2011

 

EU wheat futures tumble to three-month low

 

 

European wheat futures extended losses in afternoon trading on Friday (Sep 30) to hit a three-month low, dented by a USDA report showing corn stocks were much larger than expected.

 

Benchmark November milling wheat was down EUR5.75 (US$7.72) or 3.01% at EUR185 (US$248) a tonne by 1310 GMT. This was just off a session low of EUR184.75 (US$248.15), a level last seen on July 1, and close to a 2011 low of EUR183 (US$248).

 

The USDA's estimate of US corn stocks as of September 1 was 17% above the average trade estimate, while its wheat stocks figure was also above consensus.

 

European traders were waiting to see how US futures would react in the Chicago session later on Friday.

 

Much less liquid European corn futures also fell, with November down EUR5.25 (US$7.05) or 2.71% at EUR188.75 (US$253.53)  a tonne, as it also traded at three-month lows.