EU wheat stays weak as Black Sea competition hangs over market
PARIS, Oct 23 (Reuters) -Benchmark wheat futures on Euronext eased for a fourth session on Wednesday as traders set uncertainty over Russian government intervention in wheat trade against signs of continuing export competition from Black Sea supplies.
December wheat BL2Z4, the most active position on Paris-based Euronext, was down 0.5% at 222.50 euros ($239.88) a metric ton by 1544 GMT.
It earlier slipped to 221.00 euros, its lowest since Oct. 1 and slightly below a previous three-week low on Tuesday, but found support from a lower euro and a chart floor at 220 euros, traders said.
"The market is seeking to find out whether the Russian minimum export prices of $245 and $250 a ton FOB for shipments in November and December will be obeyed or evaded," one German trader said.
"Most published price lists are holding at this level but realistic market levels are about $234-$238."
Russian wheat remained cheaper than western European supplies, while Ukrainian prices were lower, according to traders.
Wheat prices have also been curbed by easing weather concerns, with parched Black Sea, Argentine and U.S. wheat belts receiving some rain while soggy fields in western Europe were set for a drier end to the month.
In Germany, repeated rain in past weeks has disrupted some winter wheat and rapeseed sowings but nationally the problem is not serious, a German analyst said.
"It's an annoyance and there are some noticeable areas which could not be sown with wheat yet," the analyst said.
"But nationally sowing is progressing reasonably well and there is still time to catch up. I think Germany could sow 2.8 million hectares of wheat this autumn."
This would be up from Germany's rain-reduced wheat area of 2.6 million hectares sown for this summer's crop.
Financial investors increased their net short position in Euronext wheat last week, data published by Euronext on Wednesday showed.
($1 = 0.9276 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Maju Samuel
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