Wheat prices on the Euronext exchange fell on Tuesday to the lowest level in two weeks, while corn futures reached new contract highs. According to traders, the market continues to assess the more significant damage caused by the extreme heat in late June to corn crops compared with wheat.
Grain market participants were awaiting guidance from U.S. Department of Agriculture reports on grain sowings and stocks, scheduled for publication later the same day.
September wheat futures on the Euronext Paris exchange fell by 0.5% to €201.50 ($230.21) per metric ton as of 18:26 Moscow time. During the session, the contract slid to a low last seen on 16.06, at €200.25.
Wheat prices rose to a four-week high last Wednesday amid a record heatwave in France.
Euronext quotes lost upward momentum, as French wheat is expected to be affected less than corn.