16-01-2014 00:05 AM | France

European wheat futures ease on rising global supply

European wheat futures eased on Tuesday on the prospect of rising global supply, restrained near a three-month low by looming chart resistance. Paris prices had rebounded on Monday in step with the US wheat as a sell-off on Friday triggered by bearish US government estimates stirred buying interest.

But ample wheat supply, highlighted by the US Department of Agriculture's larger-than-expected estimates of US and world-wide stocks in a closely watched crop report on Friday, remained a brake on the market.

"Whilst corn grabbed most of the headlines, the most shocking change came in the USDA's wheat stocks," Macquarie analysts said in a note.
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