EU wheat slips with Ukraine war diplomacy back in focus

In Poland, traders reported moderate export loadings despite disruption to Black Sea shipments, with only three ships currently said to be taking on wheat in Gdansk/Gdynia, two of 33,000 tons and one of 20,000 tons. “Traditional buyers of Russian wheat like Algeria, Egypt or Saudi Arabia seem to have turned more to Lithuania, Latvia and Estonia,” a Polish trader said. | | Last | Change | Pct Move | | --- | --- | --- | --- | | Paris wheat BL2Z6 | 245.25 | -2.00 | -0.81 | | Paris maize EMAc1 | 265.00 | -1.00 | -0.38 | | Paris rapeseed COMc1 | 558.00 | 0.00 | 0.00 | | CBOT wheat Wv1 | 731.75 | -15.25 | -2.04 | | CBOT corn Cv1 | 530.50 | -3.00 | -0.56 | | CBOT soy Sv1 | 1311.75 | -4.50 | -0.34 | | WTI crude oil CLc1 | 96.07 | 3.04 | 3.27 | | Euro/dollar | 1.16 | 0.00 | 0.13 | Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton ($1 = 0.8599 euros) However, Saudi Arabia's cancellation of an import tender on Monday due to high prices has raised doubts about demand. Attention is now on Pakistan, which late on Tuesday issued a major tender to buy 750,000 tons of wheat. “There is concern that Pakistan might be surprised at the high prices it is likely to receive in the current market and cancel the tender, as did Saudi Arabia on Monday,” a German trader said. Traders are also watching to see if an import subsidy worth about $22 per ton proposed by Morocco for the second half of September will be sufficient to generate demand as the country resumes imports. Comments by the Kremlin saying that Russia hopes U.S.-mediated talks will resume soon and that it sees Abu Dhabi as a preferred venue, put the focus back on diplomatic efforts after the market had earlier in the week shrugged off a weekend visit by U.S. envoys to Moscow and Kyiv. "This is stabilising the market even if the drone attacks are continuing," a futures broker said of the Kremlin's comments. "There is also the focus on the USDA report that is leading people to square their positions." Tit-for-tat attacks by Russia and Ukraine on their ports and shipping have brought their Black Sea grain exports to a near standstill since last month. PARIS, Sept. 9 (Reuters) - Euronext wheat fell on Wednesday, in step with Chicago futures, as latest headlines about diplomatic attempts to end Russia's war with Ukraine fuelled a pullback from recent multi-year highs. The run-up to U.S. Department of Agriculture's crop forecasts on Friday encouraged profit-taking by investors who have built up a large long position in wheat. December wheat BL2Z6 on Euronext settled 1% down at €244.75 ($284.62) a metric ton after the day session, moving further from last week's contract high of €259.25 that was a two-year peak for a second-month price BL2c2. Chicago wheat Wv1 slid about 2% to retreat from a 3-1/2-year high from last week.

EU wheat slips with Ukraine war diplomacy back in focus

European loading activity and prices

Demand concerns emerge in global tenders

Kremlin comments and Black Sea disruption

Wheat futures fall as diplomacy returns to focus

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	Last	Change	Pct Move
Paris wheat BL2Z6	245.25	-2.00	-0.81
Paris maize EMAc1	265.00	-1.00	-0.38
Paris rapeseed COMc1	558.00	0.00	0.00
CBOT wheat Wv1	731.75	-15.25