Wheat futures across Europe and the US have remained stubbornly low this week, in spite of very little relief for European dryness in sight.

Wheat futures on the Chicago stock exchange (CME) also fell, hitting their lowest point of 2017 on Thursday as an over-supply of the commodity continues to have an effect.

Experts have said the world is currently ‘swimming in wheat’ as supplies look like remaining ample for the 2017-18 season.

It had been hoped that dryness concerns in Europe could boost struggling wheat prices but traders now appear to be remaining calm, with many suggesting that a drought is not uncommon and does not pose a significant threat to supply.

In Europe, growers will be hoping that lingering weather risks in northern France and Germany could present an opportunity for price rises, however, as May contracts now move nearer to their expiry date, it looks for the present like a case of ‘how low can wheat go?’

Europe

As wheat fell, maize and oilseed rape futures prices on the Euronext exchange (MATIF) in Paris held firm this week.

Maize prices showed no weekly change, with prices settling at just over €173/t.

Oilseed rape was the only European commodity to climb as May 2017 futures prices recorded a €3/t rise to settle at €397/t.

Chicago

Futures prices for wheat and corn (maize) on the CME last week slipped further on the back of some recent poor showings.

May 2017 soft red winter (SRW) wheat decreased by a notable $7/t to settle at $148/t (€136/t) – its lowest point of 2017.

May 2017 corn prices also decreased, slipping $3/t to settle at $141/t (€130/t) on Monday evening.

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