EU wheat retreats from highs as traders weigh Black Sea risks

| Last | Change | Pct Move | | --- | --- | --- | | Paris wheat BL2U6 | 234.25 | -1.00 | -0.43 | | Paris maize EMAX6 | 251.75 | -1.00 | -0.40 | | Paris rapeseed COMc1 | 547.50 | -9.75 | -1.75 | | CBOT wheat Wv1 | 672.25 | -1.75 | -0.26 | | CBOT corn Cv1 | 475.00 | 2.00 | 0.42 | | CBOT soy Sv1 | 1223.00 | -3.25 | -0.27 | | Euro/dlr EUR= | 1.14 | -0.001 | -0.05 | Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne. European wheat futures fell on Tuesday after hitting a new contract high in the previous session, as traders assessed the impact of ongoing tensions at Black Sea ports on global supplies while also factoring in heat damage to European crops. Benchmark September milling wheat BL2U6 on Paris-based Euronext was down 0.4% by 1607 GMT to 234.25 euros a metric ton. Russia banned the anchoring of vessels in areas that are unprotected by air defences in two ports along a key trading route for grains in the Azov Sea, a government decree showed on Tuesday. The decree affects ships in the port of Azov in the Azov Sea and the port of Kavkaz in the Kerch Strait. "Markets are watching for developments in the fighting between Ukraine and Russia, with relief that the grain port and grain shipping attacks do not seem to be increasing after the first big attacks last week," one German trader said. Higher prices in a wheat purchase tender from Tunisia on Tuesday illustrated that importers could suffer from the impact of the Black Sea fighting. Meanwhile, the Sovecon agriculture consultancy has cut its forecast for Russia's wheat crop this year to 88.3 million tons from 88.9 million, citing weaker prospects in the south of the country and a smaller spring wheat area, it said on Tuesday. Concern about the sizes of some north European wheat crops after the recent heatwave meant some shippers of Baltic Sea region wheat were hesitant about committing to new crop sales. "Sellers seem to have time on their side in the current market and farmers are restrained sellers too," another trader said. "The question may not be how much Russian and Ukrainian wheat will be available from the new crop, but how much can be shipped out to world markets during the war."

EU wheat retreats from highs as traders weigh Black Sea risks

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Last	Change	Pct Move
Paris wheat BL2U6	234.25	-1.00
Paris maize EMAX6	251.75	-1.00
Paris rapeseed COMc1	547.50	-9.75
CBOT wheat Wv1	672.25	-1.75
CBOT corn Cv1	475.00	2.00
CBOT soy Sv1	1223.00	-3.25
Euro/dlr EUR=	1.14	-0.001